Reading 31: Financial Reporting Standards-LOS e 习题精选

2011, statements, following, required, company

Session 7: Financial Reporting and Analysis: An Introduction
Reading 31: Financial Reporting Standards

LOS e: Explain the general requirements for financial statements.

Which of the following is a company least likely required to present according to International Accounting Standard (IAS) No. 1?

A)	A summary of accounting policies.

B)	Disclosures of material events.

C)	Statement of changes in owners’ equity.

International Accounting Standard (IAS) No. 1 defines which financial statements are required and how they must be presented. The required financial statements are:

? Balance sheet.

? Income statement.

? Cash flow statement.

? Statement of changes in owners’ equity.

? Explanatory notes, including a summary of accounting policies.

Disclosures of material events that affect the company are required by the Securities and Exchange Commission (Form 8-K) for firms that are publicly traded in the United States.

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发表于 2011-3-12 10:50 | 只看该作者

Required financial statements, according to International Accounting Standard (IAS) No. 1, include a(n):

A)	balance sheet and explanatory notes.

B)	income statement and working capital summary.

C)	cash flow statement and auditor’s report.

Financial statements that are required by IAS No. 1 include a balance sheet, an income statement, a cash flow statement, a statement of changes in owners’ equity, and explanatory notes that include a summary of the company’s accounting policies. IAS No. 1 does not require an auditor’s report or a working capital summary.

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