alleryStart learning →Under IFRS 1, adjustments from using a different earlier GAAP are recognised directly in:
ARetained earnings or equity
BCurrent liabilities total
CFinance cost for year
DRevenue from sales
Answer & Solution
Correct answer: A. Retained earnings or equity
IFRS 1 requires such adjustments to go directly to retained earnings, or another category of equity if appropriate.
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Related questions
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