Presenting financial statements

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. Which of the following changes to financial statement presentation is not being proposed by the IASB/FASB?

  2. What is the boards' objective for the financial statement presentation project?

  3. How would the primary financial statements be organised under the proposals?

  4. How would information be disaggregated in the financial statements?

  5. The proposed standard is based on the two core principles the boards believe that these principles enhance the understandability of a reporting entity's financial information. What are the core principles referred to above?

  6. Cohesiveness focuses on the relationship between items in the financial statements by linking transactions consistently across the financial statements. Which of the following is an example of cohesive presentation?

  7. How will cash be treated in the proposed presentation of financial statements?

  8. What principle will be used to determine the classification of short term and long term items?

  9. On what basis have the boards' tentatively concluded that cash flows should be presented?

  10. The disaggregation and cohesiveness principles does not apply to which of the following financial statements?