Question: Why does IAS 1 Presentation of Financial Statement set out prescribed formats for the statement of profit or loss and financial position? A To ensure

Why does IAS 1 Presentation of Financial Statement set out prescribed formats for the statement of profit or loss and financial position?

A To ensure that entities account for the same transactions in the same way

B To ensure that the financial statement are complete

C To ensure that the distinction between capital and revenue expenditure is clear

D To enable comparison of the financial performance and financial position of different entities.

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