Which of the following is the first step to be taken by a company deciding to convert to IFRS?
A) Preparing an opening balance sheet at the date of transition
B) Identifying the timing of first IFRS statement
C) Selecting accounting principles that comply with IFRS
D) Implementing accounting principles retrospectively

Question

Quizplus · Accepted Answer

Identifying the timing of the first IFRS statement is crucial as it determines the starting point for the company's transition to IFRS, setting the stage for all subsequent steps in the conversion process.

Which of the Following Is the First Step to Be