Under IPSAS 1, which financial statement is NOT required for public sector entities

Under IPSAS 1, which financial statement is NOT required for public sector entities

Under IPSAS 1, which financial statement is NOT required for public sector entities?

   A) Statement of Financial Position

   B) Statement of Comprehensive Income

   C) Statement of Cash Flows

   D) Statement of Changes in Equity

   **Answer: D**

   *Explanation: IPSAS 1 requires a Statement of Financial Position, Statement of Financial Performance (similar to Comprehensive Income), Statement of Changes in Net Assets/Equity, Statement of Cash Flows, and Notes to the Financial Statements. "Statement of Changes in Equity" is the private sector term, while public sector uses "Statement of Changes in Net Assets."*