Y Co adopts IFRS for the first time for its financial statements for the year ended 31 December 20X5. ?

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Frank Mwansa
29-January-2016

Which of the following statements is true under IFRS1, first time adoption of international financial reporting standards?

a- The opening balances at1 JanuaryX4, and the financial statements for the years ended DecemberX4 (Comparatives) and DecemberX5 must comply with IFRS in force at DecemberX5.

b- The opening balances at1 JanuaryX4, and the financial statements for the years ended DecemberX4 (Comparatives) and DecemberX5 must comply with IFRS in force at1 JanuaryX4.

Accounting IFRS

Question added by khalde dsoeld , accounting , PwC
Date Posted: 2018/09/28

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by MohamedFayaz Mohideenbatcha , Accountant , Professional Group Insurance agency Company(Tawuniya Authorized Agent)

a- The opening balances at1 JanuaryX4, and the financial statements for the years ended DecemberX4 (Comparatives) and DecemberX5 must comply with IFRS in force at DecemberX5.

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