You are watching: Which statement is correct regarding ifrs?
information in a company"s an initial IFRS statements must:(A) have actually a cost that does no exceed the benefits.(B) be transparent.(C) provide a suitable starting point.(D)all of these room correct.
the shift date is the date:(A)when a agency no longer reports under its nationwide standards.(B) when the firm issues its many recent financial explain under IFRS.(C) 3 years prior to the reporting date.(D) no one of these choices.
When convert to IFRS, a firm must:(A) recast formerly issued financial statements in accordance through IFRS.(B) usage GAAP in the reporting duration but ultimately use IFRS.(C) prepare at least three years of comparative statements.(D) usage GAAP in the change year yet IFRS in the reporting year.
the purpose of presenting comparative details in the change to IFRS is:(A) to ensure that the information is a faithful representation.(B) in accordance through the Sarbanes-Oxley Act.(C) to administer users that the financial statements with details on GAAP in one duration and IFRS in the other period.(D) to administer users of the jae won statements with information on IFRS for at least two periods.
makes it possible to report on the balance paper the appropriate assets, liabilities, and owners" equity at the statement date. They additionally make it possible to report top top the earnings statement the appropriate revenues and expenses because that the period.
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Which of the following is a reason for recasting front financial statements based on IFRS?(A)To report a low taxable income reducing the taxation liability(B)To administer financial statement individuals with similar information(C)To rise the market value that a company"s shares(D)To report a high income for attracting investors
IFRS 1 requires information in a company"s an initial IFRS declare to:(A)be exact same as in GAAP statement.(B)be as lengthy as possible.(C)be transparent.(D)provide a suitable ending point.
Which of the following is the an initial step to it is in taken through a firm deciding to convert to IFRS?(A)Identifying the timing of very first IFRS statement(B)Selecting audit principles that comply with IFRS(C)Implementing audit principles retrospectively(D)Preparing an opened balance sheet at the day of transition