Choose the letter of the correct answers. the carrying amount at the beginning and the end of the periodd. For each component of equity, a reconciliation is made betweenThe notes shall disclose the information required by4.PFRS/IFRS that is presented elsewhere in the financialStatement 1:statements.The notes provide information that iselsewhere in the financial statements, but is notStatemént 2:presentedrelevant to an understanding of any of the financialstatements.a. Only the first statement is correct.b.Only the second statement is correct.с.C. Both statements are correct.Воd. Neither of the statements is correct.5.The following statements are correct, except:An entity shall present, either in the statement of comprehensiveincome or in the notes, the amount of dividends recognized asdistribution to owners during the period.a.The notes shall present information about the basis of preparationof the financial statements and the specific accounting policiesused.b.An entity shall' disclose in the summary of significant accounțtingpolicies the measurement basis used in the preparation offinancial statements.с.the carrying amount at the beginning and the end of the pernoseparately disclosing changes from profit or loss.

Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Answered: 4. Statement 1: The notes shall…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 7MCQ

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4. Statement 1: The notes shall disclose the information requirec PFRS/IFRS that is presented elsewhere in the finan statements. The notès provide information that is presen elsewhere in the financial statements, but is Statemént 2: relevant to an understanding of any of the finan