Which is an incorrect statement below? A. Treasury shares are an entity's own shares that have been issued and retired. B. The report form of the statement of financial position sets forth three major sections in a downward sequence of assets, liabilities and equity. C. PAS 1, paragraph 57, provides that the standard does not prescribe the order or format in which line items are to be presented.
Which is an incorrect statement below? A. Treasury shares are an entity's own shares that have been issued and retired. B. The report form of the statement of financial position sets forth three major sections in a downward sequence of assets, liabilities and equity. C. PAS 1, paragraph 57, provides that the standard does not prescribe the order or format in which line items are to be presented.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which is an incorrect statement below?
A. Treasury shares are an entity's own shares that have been issued and retired.
B. The report form of the statement of financial position sets forth three major sections in a downward sequence of assets, liabilities and equity.
C. PAS 1, paragraph 57, provides that the standard does not prescribe the order or format in which line items are to be presented.
D. The purpose of notes to financial statements is to provide the necessary disclosures required by the PFRS.
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