The Change to IFRS or to ASPE Had the Following

question 101

Multiple Choice

The change to IFRS or to ASPE had the following effect on the financial statements of the company:

• A) all financial statements had to retroactively apply the new standards.
• B) all financial statements had to proactively apply the new standards.
• C) the financial statements remained the same, the change was explained in the notes to the financial statements.
• D) As this was a change in circumstances, they applied this change to present and future periods.

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Definitions:

Ledger

A comprehensive collection of a company's accounts that records all transactions and is used to prepare financial statements.