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Which of the following statements about a departure from IFRS is correct?

 

A. Departure is never permitted.  

 

B. Departure is permitted when the financial statement would be unfairly presented because of compliance with IFRS.  

 

C. Departure is permitted when management and the external auditor agree on the departure.  

 

D. Departure is permitted when the disclosure of the adopted accounting policy is detailed in the notes.

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Question added by Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies
Date Posted: 2015/06/08
Upvote (2) Views (9) Followers (6) Answers (3) Report Question
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Shahbaz Hayder
by Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

Option B is the right answer.

lakshminarasimham mallareddi
by lakshminarasimham mallareddi , Manager Finance & Accounts , M/s. Vandana Global Limited, Raipur, Chhattisgarh

Correct answer is A. Departure is never permitted in IFRS

Dawood Shahid
by Dawood Shahid , Senior Consultant , Grant Thornton Pakistan

B. Departure is permitted when the financial statement would be unfairly presented because of compliance with IFRS. 

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