Reference no: EM133012327

Problem 1: It is true under IAS 1/AASB 101 that:

A. For the balance sheet all assets and liabilities must be classified as current or non-current (unless a liquidity presentation is more appropriate)

B. There is a prescribed format set out for the balance sheet

C. Movements in reserves must be shown on the face of the balance sheet

D. The balance sheet must begin with the assets section

E. All of the statements are true

Problem 2: The statement of changes in equity required to be disclosed under IAS 1/AASB 101 must disclose on its face:

A. The profit or loss for the period

B. Each item of income and expense recognised directly in equity

C. The sum of A and B

D. A, B and C

E. None of the above