Which of the Following Statements Is INCORRECT Regarding IFRS Requirements

question 40

Multiple Choice

Which of the following statements is INCORRECT regarding IFRS requirements for interim reporting?

• A) Only a statement of financial position and statement of comprehensive income are required.
• B) The same accounting policies should be used as for the annual statements.
• C) When an accounting change is applied retrospectively, the enterprise must present a statement of financial position for the beginning of the earliest comparative period.
• D) Condensed financial statements are permitted.

---

Definitions:

Normal

Typically refers to something that conforms to a standard or common pattern; in statistics, a distribution that is symmetrically clustered around its mean.

Treasury Bond

A long-term, fixed-interest government debt security with a maturity of more than ten years.

Liquidity Risk

The risk of loss to an investor from the inability to sell a security to another investor at a price close to its true value.

Maturity Risk

The risk associated with the time until the bond or other fixed income instrument pays its principal back. It can affect interest rates and investment value.