I only С. Both I and II а. II only d. Neither I nor II
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Choose the letter that correponds to the answer.
Transcribed Image Text:I only
Both I and II
С.
а.
II only
d. Neither I nor II
b.
Transcribed Image Text:An entity can rectify inappropriate accounting policies either
by disclosure of the accounting policies used or by notes or
1. Which of the following statements is correct?
1. When an entity has departed from a requirement of PFRS/IFRS
in prior period, and that departure affects the amounts in the
financial statements for the current period, it shall make ulo
necessary adjustments.
II. An entity can rectify inappropriate accounting policies elure
by disclosure of the accounting policies used or
explanatory material.
by notes or
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