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IFRS 1 First-time Adoption of International Financial Reporting Standards
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Question 1 of 7
Which of the following does IFRS 1 require an entity to do in the opening IFRS statement of financial position that it prepares as a starting point for its accounting under IFRSs?Correct
Question 2 of 7
How does an entity adopt IFRSs for the first time?Correct
Question 3 of 7
The end of entity A’s first IFRS reporting period is 31 December 20X5. Entity A decides to present comparative information in those financial statements for one year only. The entity made the decision about adopting IFRSs on 31 March 20X5 and issued these financial statements on 31 March 20X6. What is the entity’s date of transition to IFRSs?Correct
Question 4 of 7
IFRS 1 shall be applied to the entity’s first annual IFRS financial statements only.Correct
Question 5 of 7
Which of the following is the starting point for an entity accounting in accordance with IFRSs?Correct
Question 6 of 7
An entity shall explain how the transition from previous GAAP to IFRSs __________ its reported financial position, financial performance and cash flows.Correct
Question 7 of 7
An entity may elect to measure an item of property, plant and equipment at the date of transition to IFRSs at __________.Correct