IFRS 1 requires information in a company's first IFRS statement to:
A) be same as in GAAP statement.
B) be transparent.
C) be as lengthy as possible.
D) provide a suitable ending point.

Question

Quizplus · Accepted Answer

IFRS 1 requires the first IFRS statement to be transparent and provide a suitable starting point for accounting under IFRS, but it does not require the information to be the same as in the GAAP statement or as lengthy as possible. Providing a suitable ending point may be necessary for subsequent financial statements, but it is not a requirement of the first IFRS statement.

IFRS 1 Requires Information in a Company's First IFRS Statement