Under IAS 1, in exceptionally rare circumstances, an entity can depart from the provisions of a given IFRS if conforming to a particular standard would be so misleading to the users of the financial statements that those financial statements would not be a “Faithful Representation” of the entity’s accounts.
I understand the whole exhausting all means of trying to conform to the standard, and disclosure requirement should the result be departure from the standard, but what I don’t have is any example of where this has actually happened, or possible situations where it could happen.
Can you give me any examples?
No need to worry about this, unless it is a requirement for work purposes. You will not come across the case in any exams.
Thansk Alkemist, and agreed
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