Question 6 1 pts ABC, Inc. is adopting IFRS for the first time, effective Decemb

Question

Question 6 1 pts ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016, Their opening statement of financial position will be as of January 1, 2014. The IASB has issued a new standard that is effective as of January 1, 2016. O ABC. Inc. should present all of their statements of financial position using the new standard. ABC, Inc. should present their statement of financial position as of December 31. 2016 using the new standard and present their other statements of financial position using the old standard. ABC, Inc. should not use the new standard for any of their statements of fnancial position presented None of the above.

Explanation / Answer

Option A is Correct
ABC, Inc should present all of their statement of financial position using IFRS standard and Previous years statement under restated column showing as impact on other items after adopting IFRS.

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