chapter 3 - presentation

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• Which main items are presented in the statement of comprehensive income? Profit/loss from the equity method, revenue, discontinued operations. Extraordinary items are not included
• What is the definition of a non-current asset? If it is not current it is non-current
• What is the objective for the financial statements presented in IAS1? To provide information that is useful to a wide range of users in making economical decisions
• Give an example of criteria that does not satisfy the classification as a current asset. It is expected to be revalued at fair value
• What is the difference between the “profit and loss statement” (P&L) and “other comprehensive income” (OCI)? Certain standards require the company to present items in Other Comprehensive Income and not in the P&L
• What accounting standard does include a “management commentary”? None, it is an IFRS Practice statement
• What does a complete set of financial statements comprise? Financial position, OCI, changes in equity, notes
• Describe the format for the balance sheet that IAS1 prescribes. It does not specify any particular format
• If an interim report only presents the statements of comprehensive income and earnings per share it does not comply with IAS34. What is missing? Balance sheet, cash flow statement, changes in equity
• How is “material” information defined in IAS1? If mis-stating the information could influence decisions users make on the basis of those financial statements, If omitting the information could influence decisions users make on the basis of those financial statements, If obscuring the information could influence decisions users make on the basis of those financial statements. If presenting the information could influence decisions users make on the basis of those financial statements is not correct

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