Question 1
A complete set of financial statements must include:
Select the correct answers from the drop-down boxes.
1 – Statement of financial position
2 – Statement of profit or loss and other comprehensive income
3 – Value added reportStatement of changes in equityDirectors report
4 – Statement of cash flowsManagement assessment of riskStatement of profit or loss and other comprehensive income
5 – Environmental reportAccounting policies and notesFair value assumptions
6 – comparative information in respect of the preceding periodcomparative information in respect of the current and preceding period
7 – Statement of financial position as at the beginning of the preceding periodcurrent period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements