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Question 1 a) IAS 1 Presentation of Financial Statements sets out the overall requirements for...

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Question 1 a) IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the currenton-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. Excerpt extracted from www.irfs.irg Explain three (3) reasons why financial statements should be structured in standard format. Question 1 b) A company you co-founded and owned shares in announces a 50% share dividend. Will the value of your share investment increase, decrease or remain the same? Discuss this scenario

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