alleryStart learning →In a complete set, how should each financial statement be presented?
AAll with equal prominence given
BWith cash flows left to the report
CWith profit and loss given priority
DWith the balance sheet foremost
Answer & Solution
Correct answer: A. All with equal prominence given
Ind AS 1 requires every statement in the complete set to be given the same prominence, so none is treated as the main statement.
Keep practising Ind AS 1 Presentation of Financial Statements
Browse all Ind AS 1 Presentation of Financial Statements questions for CA Final, or explore more Financialreporting topics.
Related questions
If Ind AS rules are insufficient for users, what is added?In virtually all cases a true and fair view is achieved by what?How are items of dissimilar nature or function presented unless immaterial?Puttable instruments classed as equity need which outflow disclosed?What must be disclosed about externally imposed capital requirements?Capital disclosures follow information given to whom internally?A capital disclosure covers objectives, policies and what?Must estimation uncertainty disclosures include forecasts?