You are watching: Which statement is correct regarding ifrs?
information in a company"s an initial IFRS declaration must:(A) have a price that does no exceed the benefits.(B) it is in transparent.(C) administer a suitable beginning point.(D)all the these room correct.
the shift date is the date:(A)when a firm no much longer reports under its nationwide standards.(B) once the agency issues its many recent financial declare under IFRS.(C) three years prior to the report date.(D) nobody of this choices.
When converting to IFRS, a company must:(A) recast previously issued gaue won statements in accordance through IFRS.(B) use GAAP in the reporting period but ultimately use IFRS.(C) prepare at least three years of to compare statements.(D) usage GAAP in the change year but IFRS in the reporting year.
the purpose of presenting comparative info in the transition to IFRS is:(A) come ensure the the info is a faithful representation.(B) in accordance through the Sarbanes-Oxley Act.(C) to provide users of the jae won statements with info on GAAP in one duration and IFRS in the various other period.(D) to carry out users of the gaue won statements with information on IFRS for at the very least two periods.
makes it possible to report on the balance paper the proper assets, liabilities, and also owners" equity at the explain date. They likewise make it possible to report on the revenue statement the proper revenues and expenses because that the period.
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Which the the following is a reason for recasting front financial statements based upon IFRS?(A)To report a low taxable earnings reducing the tax liability(B)To carry out financial statement users with equivalent information(C)To rise the sector value the a company"s shares(D)To report a high earnings for attracting investors
IFRS 1 requires information in a company"s an initial IFRS declare to:(A)be very same as in GAAP statement.(B)be as prolonged as possible.(C)be transparent.(D)provide a perfect ending point.
Which the the adhering to is the an initial step to it is in taken through a company deciding to transform to IFRS?(A)Identifying the timing of an initial IFRS statement(B)Selecting accounting principles that comply v IFRS(C)Implementing audit principles retrospectively(D)Preparing an opening balance paper at the day of transition