Company A is preparing its first IFRS financial statements as at 31 December 20X7. Which...
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Accounting
Company A is preparing its first IFRS financial statements as at 31 December 20X7. Which of the following is false regarding first-time adoption?
Subsequent changes in tax rates should not be considered; only rates that had been enacted at the time can be used.
Estimates should be consistent with those that were made at the time under previous GAAP, unless it can be shown that they were wrong at the time.
Deferred tax should be restated, based on conditions as they were perceived at the time of the earlier financial statements.
Retrospective application is optional.
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