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In which one of following circumstance can “fair presentation” in accordance with IFRS be presumed?
In which one of following circumstance can “fair presentation” in accordance with IFRS be presumed?
A) the financial statements comply with IFRS
B) IFRS has been appropriately applied with additional disclosures where necessary
C) IFRS has been applied in so far that it does not conflict with local GAAP
D) the financial statements provide relevant, reliable, comparable and understandable information
Sir, correct answer is B but how about alternative A and D?
Thanks in advanceWith regard to A, fair presentation requires additional disclosures where necessary – simply copying with IFRS does not satisfy the whole question.
With regard to D, there is no mention there of being in accordance with IFRS’s. There can be fair presentation even if they do not comply with IFRS’s
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