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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, 2016.
Required:
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?
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