Reference no: EM132924924

Question - SSM Corporation Statement of financial position For year ended on December 31, 2021.

Cash and cash equivalents 10,000

Loan receivables 10,000

Prepaid expenses 10,000

Accounts receivables 10,000

Other receivables 10,000

Plant and Equipment 15,000

Less: Accumulated depreciation (5,000) 10,000

Property 20,000

Total Assets 80,000

Accounts payable 10,000

Loan payable 10,000

Other payable 10,000

Bonds payable 10,000

Common stock 30,000

Retained earnings 10,000

Total Liabilities and Equities 80,000

Required -

1) Is the above statement of financial position prepared following eight general principles provided by IAS 1 - Presentation of financial statement?

2) According to 1), please show me the correct form of statement of financial position if we prepare following IAS 1 - Presentation of financial statement.

3) To be the most useful to users of financial statements, what characteristics of financial information should be included in?