DQuestion 17 1 pts All of the following are true about first-time IFRS financial

Question

DQuestion 17 1 pts All of the following are true about first-time IFRS financial statements, except: O All historical summaries provided should be presented under IFRS. A discussion of the effects of the transition from previous GAAP to IFRS should be provided. O A reconciliation of comprehensive income from the amount reported under previous GAAP to the amount reported under IFRS should be presented for the date of transition to IFRS A reconciliation of equity from the amount reported under previous GAAP to the amount reported under IFRS should be presented for the date of transition to IFRS All of the above are false. Both a and c. arc falsc.

Explanation / Answer

All of the above are false, reason for each point is as follows:

a. Not ALL historical sumaries is to be provided, but few derecognition and recognition adjustents needs to be made.

b. Not discussion but adjustments of effects is to be provided.

c. Such reconcillation should be presented but not only for date of transition but for whole period.

d. reconciliations of equity reported under previous GAAP to equity under IFRS both (a) at the date of transition to IFRSs and (b) the end of the last annual period reported under the previous GAAP is to be presented.

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