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. *

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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