A first-time adopter may elect to present its financial statements as if IFRS had always been applied.

Name: A first-time adopter may elect to present its financial statements as if IFRS had always been applied.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A first-time adopter must apply IFRS retrospectively to all periods presented in its first IFRS financial statements, but it is allowed certain exemptions and exceptions to full retrospective application as outlined in IFRS 1, not as if IFRS had always been applied.

A First-Time Adopter May Elect to Present Its Financial Statements