Do we need to name the IFRS standard & number in the exam when answering a question ?
For example would both the below get the same marks ?
“IAS 8 Accounting Policies, Changing in Accounting Estimates and Errors only permits a change in accounting policy if it is required by the IFRS or results in information being more reliable & relevant”
“The IFRS only permits a change in accounting policy if required by the IFRS or results in information being more reliable & relevant”