Question: Dont need explanation only answer hurry plz Question 1 Which of the following statements is not correct? O SAC 1 Definition of the Reporting Entity



Dont need explanation only answer hurry plz
Question 1 Which of the following statements is not correct? O SAC 1 Definition of the Reporting Entity defines a general purpose financial report as 'a report intended to meet the information needs of users who are unable to command the preparation of reports tailored to satisfy their information needs'. Requirements for special purpose financial reports are contained in AASB accounting standards. O The IASB's Conceptual Framework identifies potential investors as a primary user group of general purpose financial reports. All general purpose financial reports are prepared in accordance with accounting standards. Question 3 Compared to IFRS standards, Australian accounting standards initially required: more information disclosed in the notes to the financial statements. O less disclosure in notes to the financial statements. O identical disclosures in notes to the financial statements. o different disclosures in the notes to the financial statements. Question 8 The tax expense related to profit or loss of the period is required to be presented: O in the statement of cash flows. O on the face of the statement of profit or loss and other comprehensive income. on the face of the statement of financial position. O in the statement of changes in equity
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
