The change to IFRS or to ASPE had the following effect on the financial statements of the company:
A) all financial statements had to retroactively apply the new standards.
B) all financial statements had to proactively apply the new standards.
C) the financial statements remained the same, the change was explained in the notes to the financial statements.
D) As this was a change in circumstances, they applied this change to present and future periods.

Question

Quizplus · Accepted Answer

When a company transitions to IFRS or ASPE, it typically must apply the new standards retroactively to ensure comparability across periods, unless specific exemptions or exceptions apply.

The Change to IFRS or to ASPE Had the Following