Which of the following is a reason for recasting prior financial statements based on IFRS?
A) To increase the market value of a company's shares
B) To report a high income for attracting investors
C) To report a low taxable income reducing the tax liability
D) To provide financial statement users with comparable information

Question

Quizplus · Accepted Answer

Recasting prior financial statements based on IFRS is done to provide financial statement users with comparable information. IFRS adoption ensures consistency and comparability in financial reporting, making it easier for users to analyze and compare financial statements of different companies. It is not done to increase the market value of a company's shares, report a high income for attracting investors, or report a low taxable income reducing the tax liability.

Which of the Following Is a Reason for Recasting Prior