Q. How does an entity adopt IFRSs for the first time?
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(A)
by reporting on its financial position, financial performance and cash flows in accordance with ifrss
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(B)
by issuing its first financial statements in which the entity adopts ifrss, by an explicit and unreserved statement of compliance with ifrss
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(C)
by reporting on its financial position, financial performance and cash flows in accordance with national requirements, which do not contradict ifrss
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(D)
by issuing its first financial statements in accordance with national requirements, which contain explicit and unreserved statement of compliance with ifrss
✅ Correct Answer: (B)
by issuing its first financial statements in which the entity adopts ifrss, by an explicit and unreserved statement of compliance with ifrss