Abc inc is adopting ifrs for the first time effective

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Reference no: EM13376223

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, 2016.

Required:

a. 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.

b.What explicit statement is required in a set of IFRS first-time adoption financial statements?

Reference no: EM13376223

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