All of the Following Are Exemptions to Retrospective Application in First-Time

question 66

Multiple Choice

All of the following are exemptions to retrospective application in first-time adoption of IFRS except

• A)estimates.
• B)hedge accounting.
• C)non-controlling interest.
• D)deferred taxes.

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Definitions:

Asset Account

A category within the general ledger that reports the value of a company's assets such as cash, equipment, and property.

Liability Account

An accounting record that reports the amounts a company owes to creditors and other parties, often categorized as current or long-term.

Owner's Equity Account

Represents the total amount of capital the owner has in a business after liabilities have been subtracted from assets.

Transaction

An agreement or exchange between two parties that involves the sale, purchase, or trade of goods, services, or financial assets.