CERTYNEX IFRS ACADEMY

Kappa SA is preparing its statement of financial position. Which statements are consistent with IAS 1? (Several answers.)

IAS 1 prescribes a single order and format for presenting line items.

The entity presents additional line items, headings and subtotals when such presentation is relevant to an understanding of its financial position.

An added subtotal may relate to an amount neither recognised nor measured under IFRS Accounting Standards, provided it is clearly labelled.

Line items are added depending on the size, nature or function of items, and descriptions and ordering of items may be amended according to the nature of the entity and its transactions.

The list of items in para. 54 is exhaustive: no other line item may be presented.