CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting And Reporting (FAR) Exam

IAS 1 requires a third statement of financial position (an opening balance sheet) to be presented when an entity:

Changes its functional currency in the current period Recognises any item in other comprehensive income Applies an accounting policy retrospectively or makes a retrospective restatement that has a material effect on the opening balance sheet of the earliest comparative period Pays a dividend during the reporting period

Correct Answer:

Applies an accounting policy retrospectively or makes a retrospective restatement that has a material effect on the opening balance sheet of the earliest comparative period

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