Accounting Policies That Should Be Used in the First Period

question 53

Multiple Choice

Accounting policies that should be used in the first period of IFRS adoption should be:

• A)Those that conform to the home country standards
• B)Those that conform to IFRS in effect in the subsequent reporting period
• C)Those that conform to IFRS in effect at the current reporting date
• D)Any of the above can be used based on the judgment of the accountants

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Definitions:

Brain Plasticity

The ability of the brain to change and adapt in response to experience, learning, or injury.

Throughout Life

Refers to occurring or persisting at every stage or throughout the entire lifespan of an individual.

Adolescence

The stage of life transitioning from childhood to adulthood, characterized by physical, psychological, and social changes.

Holistically

Considering something as a whole rather than in parts or separation.