Which statement is correct concerning IFRS?(A)IFRS reverses the rule of debits and also credits, that is, debits space on the right and also credits space on the left. (B)IFRS uses the same procedure for recording transactions together GAAP. (C)The graph of account under IFRS is different because revenues monitor assets.(D)None that the these statements space correct.

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information in a company"s very first IFRS statements must:(A) have a cost that does not exceed the benefits.(B) it is in transparent.(C) carry out a suitable starting point.(D)all that these are correct.
the transition date is the date:(A)when a company no longer reports under its national standards.(B) as soon as the company issues its many recent financial statement under IFRS.(C) 3 years before the reporting date.(D) none of this choices.
When converting to IFRS, a agency must:(A) recast formerly issued gaue won statements in accordance v IFRS.(B) usage GAAP in the reporting period but consequently use IFRS.(C) prepare at the very least three years of compare statements.(D) usage GAAP in the change year however IFRS in the report year.
the purpose of presenting comparative info in the change to IFRS is:(A) come ensure the the information is a faithful representation.(B) in accordance with the Sarbanes-Oxley Act.(C) to provide users the the jae won statements with details on GAAP in one period and IFRS in the other period.(D) to administer users of the financial statements with info on IFRS because that at least two periods.
makes it possible to report top top the balance paper the appropriate assets, liabilities, and owners" equity at the explain date. They also make it possible to report ~ above the income statement the suitable revenues and also expenses because that the period.

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Which that the following is a factor for recasting former financial statements based on IFRS?(A)To report a short taxable income reducing the taxation liability(B)To administer financial statement users with similar information(C)To rise the market value that a company"s shares(D)To report a high earnings for attracting investors
IFRS 1 requires details in a company"s first IFRS explain to:(A)be very same as in GAAP statement.(B)be as an extensive as possible.(C)be transparent.(D)provide a perfect ending point.
Which of the complying with is the an initial step to it is in taken by a company deciding to transform to IFRS?(A)Identifying the timing of an initial IFRS statement(B)Selecting accountancy principles the comply v IFRS(C)Implementing accounting principles retrospectively(D)Preparing an opening balance sheet at the day of transition
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