S1: An entity shall not describe financial statements as complying with PFRSS unless they comply with substantially all of the requirements of PFRS. S2: An entity whose financial statements comply with PFRS shall make an explicit and unreserved statement of such compliance in the notes to financial statements. S3: An entity can rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material. *
S1: An entity shall not describe financial statements as complying with PFRSS unless they comply with substantially all of the requirements of PFRS. S2: An entity whose financial statements comply with PFRS shall make an explicit and unreserved statement of such compliance in the notes to financial statements. S3: An entity can rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material. *
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
question 6
choose the correct answer from the choices
Transcribed Image Text:S1: An entity shall not describe financial statements as complying with PFRSS unless they
comply with substantially all of the requirements of PFRS.
S2: An entity whose financial statements comply with PFRS shall make an explicit and
unreserved
statement of such compliance in the notes to financial statements.
S3: An entity can rectify inappropriate accounting policies either by disclosure of the
accounting policies
used or by notes or explanatory material. *
O True, False, False
O False, True, False
O False, False, True
O False, False, False
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education