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The complete set of financial statements, fair presentation, compliance and departure
Chapter 1 · Purpose of financial statements, fair presentation and compliance · 13 exercises
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Target a chapterThe exercises of a single chapter.
- 01Purpose of financial statements, fair presentation and compliance13 exercises
- 02General features: going concern, accrual, materiality, offsetting, comparatives39 exercises
- 03Statement of financial position: minimum line items and current / non-current classification33 exercises
- 042020 and 2022 amendments: classification of liabilities and covenants23 exercises
- 05Statement of profit or loss and other comprehensive income18 exercises
- 06Changes in equity, notes, policies, judgements, estimates and capital22 exercises
- 07Transition to IFRS 1817 exercises
- 08Links with IAS 8, IAS 7 and IAS 333 exercises
Target a conceptThe exercises of a single concept.
- The complete set of financial statements and its componentsFragile4 exercises
- Fair presentation of position, performance and cash flowsFragile4 exercises
- The explicit and unreserved statement of compliance with IFRSFragile2 exercises
- Departure from a requirement, an extremely rare caseFragile3 exercises
- Management's going concern assessmentFragile7 exercises
- The going concern horizon: at least twelve monthsFragile2 exercises
- The accrual basis, except for cash flow informationFragile6 exercises
- Materiality and aggregation of similar itemsFragile7 exercises
- Offsetting of assets and liabilities, income and expensesFragile4 exercises
- Reporting frequency: at least annualFragile3 exercises
- Comparative information for the previous periodFragile5 exercises
- Consistency of presentation and classificationFragile5 exercises
- The minimum line items of the statement of financial positionFragile8 exercises
- Current and non-current, or order of liquidityFragile9 exercises
- The criteria for classifying an asset as currentFragile7 exercises
- The criteria for classifying a liability as current and the right to deferFragile11 exercises
- The 2020 amendment: rights at the end of the period, not expectationsFragile5 exercises
- The right to defer settlement: substance and existence at the end of the periodFragile6 exercises
- Covenants to be met at the end of the period or before, or afterFragile7 exercises
- Breach before the reporting date and waiver obtained afterwardsFragile2 exercises
- Disclosure on non-current liabilities subject to covenantsFragile4 exercises
- The minimum line items and subtotals of the statement of profit or lossFragile6 exercises
- Other comprehensive income: reclassifiable or notFragile7 exercises
- One statement or two for profit or loss and comprehensive incomeFragile2 exercises
- The analysis of expenses by nature or by functionFragile3 exercises
- The statement of changes in equityFragile4 exercises
- The structure and role of the notesFragile3 exercises
- Material accounting policy informationFragile5 exercises
- Judgements made in applying accounting policiesFragile5 exercises
- Major sources of estimation uncertaintyFragile5 exercises
- Disclosures about capital managementFragile3 exercises
- IAS 1 until IFRS 18: annual periods beginning from 2027Fragile6 exercises
- IAS 1 requirements transferred to the renamed IAS 8Fragile5 exercises
- The statements whose structure is retained under IFRS 18Fragile4 exercises
- The 2026 agenda decision on fair presentationFragile2 exercises
- The cross-references to IAS 8, IAS 7 and IAS 33Fragile3 exercises
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