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How should a first-time adopter of IFRS recognize the adjustments required to present its opening IFRS statement of financial position?

A. All of the adjustments should be recognized in profit

or loss.

_

B. Adjustments that are capital in nature should be recognized

in retained earnings and adjustments that are

revenue in nature should be recognized in profit or

loss.

_

C. Current adjustments should be recognized in profit or

loss and noncurrent adjustments should be recognized

in retained earnings.

_

D. All of the adjustments should be recognized directly

in retained earnings or, if appropriate, in another

category of equity.

Accounting Auditing Financial Accounting CMA Management
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Question ajoutée par mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia
Date de publication: 2016/10/19
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Anil Lalwani
par Anil Lalwani , Chief Accountant , Al Ahli Hospital

Thanks for the invitation

The correct answer is D

"All of the adjustments should be recognized directly in retained earnings or, if appropriate, in another

category of equity".

Reason:

because upon first-time adoption of IFRS, any adjustments required to present the opening balances of the statement of financial position should be recognized directly in retained earnings or, if appropriate, in another category of equity.

 

 

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