35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with PFRSs unless they comply with most of the requirements of PFRSs.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with PFRSs unless they comply with most of the requirements of PFRSs.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education