An entity shall explain how the transition from previous GAAP to IFRSs __________ its reported financial position, financial performance and cash flows.

Related MCQs

• Whether financial reviews by management, environment reports and value added financial statements are outside the scope of international financial reporting standards (IFRSs)?
• How does an entity adopt IFRSs for the first time?
• Which of the following is the starting point for an entity accounting in accordance with IFRSs?
• Cash payments to and on behalf of employees is an example of cash flows from
• Which sections of an annual report do IFRSs apply to?
• Total Number of IFRSs which are notified as of date?
• GAAP stands for
• Increase in share capital of a firm in the current year as compared to previous year should be recorded in the final cash flow statement under
• Which of the following is not a heading for cash flows under Ind AS 7?
• What is the term used to describe the time between the acquisition of assets for processing and their realization in cash or cash equivalents?