ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016. Their opening statement...

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ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016. Their opening statement of financial position will be as of January 1, 2014. The IASB has issued a new standard that is effective as of January 1, XXXXXXXXXXRequired:  a. Explain whether:  1. ABC, Inc. should present all of their statements of financial position using the new standard;  2. ABC, Inc. should present their statement of financial position as of December 31, 2016, using the new standard and present their other statements of financial position using the old standard; or  3. ABC, Inc. should not use the new standard for any of their statements of financial position presented.  b. What explicit statement is required in a set of IFRS first-time adoption financial statements?
	
Document Preview: Question 2ABC, Inc. is adopting IFRS for the first time, effective December 31, XXXXXXXXXXTheir opening statement of financial position will be as of January 1, XXXXXXXXXXThe IASB has issued a new standard that is effective as of January 1, 2016. Required:Explain whether:ABC, Inc. should present all of their statements of financial position using the new standard;  ABC, Inc. should present their statement of financial position as of December 31, 2016, using the new standard and present their other statements of financial position using the old standard; or ABC, Inc. should not use the new standard for any of their statements of financial position presented.What explicit statement is required in a set of IFRS first-time adoption financial statements?

Robert · Accepted Answer

1
Answer:-  
As per the IFRS 1 (First time Adoption of International Financial Reporting 
standards), ABC, Inc. should present all of their statements of financial position using 
the new standard. ABC, Inc. is adopting IFRS for the first time, effective December 31, 
2016 and their opening statement of financial position will be as of January 1, 2014 and 
as per IFRS 1 ABC, Inc.

ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016. Their opening statement of financial position will be as of January 1, 2014. The IASB has issued a new standard that is...

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