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Which of the following is true about the treatment of estimates under IFRS 1 for a first-time adopter? Please select the best response. O Any estimates that were not needed under previous GAAP but are required under IFRSs should be based on conditions existing at the date of transition to IFRSs. All are correct Estimates made under IFRSs at the date of transition to IFRSs and in the comparative period financial information must be consistent with those made for the same date under previous GAAP, unless they need to be adjusted to reflect differences in the accounting policies or there is objective evidence that those estimates were in error. O Information received after the date of transition to IFRSs about estimates made under previous GAAP is treated in the same way as non-adjusting events after the reporting period, in accordance with IAS 10 Events After the Reporting Period.

Which of the following is true about the treatment of estimates under IFRS 1 for a first-time adopter? Please select the best response. O Any estimates that were not needed under previous GAAP but are required under IFRSs should be based on conditions existing at the date of transition to IFRSs. All are correct Estimates made under IFRSs at the date of transition to IFRSs and in the comparative period financial information must be consistent with those made for the same date under previous GAAP, unless they need to be adjusted to reflect differences in the accounting policies or there is objective evidence that those estimates were in error. O Information received after the date of transition to IFRSs about estimates made under previous GAAP is treated in the same way as non-adjusting events after the reporting period, in accordance with IAS 10 Events After the Reporting Period.

FINANCIAL ACCOUNTING
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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Which of the following is true about the treatment of estimates under IFRS 1 for a first-time adopter? Please select the best response. Any estimates that were not needed under previous GAAP but are required under IFRSs should be based on conditions existing at the date of transition to IFRSs. All are correct Estimates made under IFRSS at the date of transition to IFRSs and in the comparative period financial information must be consistent with those made for the same date under previous GAAP, unless they need to be adjusted to reflect differences in the accounting policies or there is objective evidence that those estimates were in error. Information received after the date of transition to IFRSs about estimates made under previous GAAP is treated in the same way as non-adjusting events after the reporting period, in accordance with IAS 10 Events After the Reporting Period.
Transcribed Image Text:Which of the following is true about the treatment of estimates under IFRS 1 for a first-time adopter? Please select the best response. Any estimates that were not needed under previous GAAP but are required under IFRSs should be based on conditions existing at the date of transition to IFRSs. All are correct Estimates made under IFRSS at the date of transition to IFRSs and in the comparative period financial information must be consistent with those made for the same date under previous GAAP, unless they need to be adjusted to reflect differences in the accounting policies or there is objective evidence that those estimates were in error. Information received after the date of transition to IFRSs about estimates made under previous GAAP is treated in the same way as non-adjusting events after the reporting period, in accordance with IAS 10 Events After the Reporting Period.
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