The application of International Financial Reporting Standards, with additional disclosure where necessary, is presumed to result in financial statements that:
A) are unbiased.
B) contain only material items.
C) will result in a fair presentation.
D) are free from error and misstatement.

Question

Quizplus · Accepted Answer

The application of International Financial Reporting Standards (IFRS) is presumed to result in a fair presentation of financial statements. However, additional disclosure may be necessary to ensure that the financial statements are complete and understandable. While IFRS can help reduce bias and ensure material items are properly disclosed, it does not guarantee that financial statements are completely free from error and misstatement.

The Application of International Financial Reporting Standards, with Additional Disclosure