Choose the letter of the correct answer. 3.The following statements are correct, except:An entity shall prepare all its financial statements using the .accrual basis of accounting.а.An entity need not provide a specific disclosure required by PFRS/IFRS if the information is not material.b.С.An entity shall not offset assets and liabilities or income andexpenses, unless required or permitted by PFRS/IFRS.d. When an entity departs from a requirement of PFRS/IFRS, it shalldisclose that it has complied with applicable PFRS/IFRS, exceptthat it has departed from a particular requirement to achieve a fairpresentation.

-> As per IAS 1 if the information is immaterial it is not needed to provide a disclosure. So…

3. The following stateme il, except. An entity shall prepare all its financial statements using the accrual basis of accounting. а. b. An entity need not provide a specific disclosure required by PFRS/ IFRS if the information is not material. An entity shall not offset assets and liabilities or income and С. expenses, unless required or permitted by PFRS/IFRS. d. When an entity departs from a requirement of PFRS/IFRS, it shall disclose that it has complied with applicable PFRS/IFRS, except that it has departed from a particular requirement to achieve a fair presentation.

3. The following stateme il, except. An entity shall prepare all its financial statements using the accrual basis of accounting. а. b. An entity need not provide a specific disclosure required by PFRS/ IFRS if the information is not material. An entity shall not offset assets and liabilities or income and С. expenses, unless required or permitted by PFRS/IFRS. d. When an entity departs from a requirement of PFRS/IFRS, it shall disclose that it has complied with applicable PFRS/IFRS, except that it has departed from a particular requirement to achieve a fair presentation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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