Accounting policies that should be used in the first period of IFRS adoption should be:

Question

Quizplus · Accepted Answer

The first period of IFRS adoption should use accounting policies that conform to IFRS in effect at the current reporting date, as this will ensure consistency and comparability in financial statements. Using the home country standards or future IFRS standards could lead to inconsistencies in the financial statements and confusion for users of the financial statements. The use of any of the above based on the judgment of the accountants could lead to inconsistencies and undermine the comparability of financial statements. Therefore, using the accounting policies that conform to IFRS in effect at the current reporting date is the best choice.

Accounting Policies That Should Be Used in the First Period