When initial application of an International Financial Reporting Standard has an effect on the current period or any prior period,would have such an effect except that it is impracticable to determine the amount of the adjustment,or might have an effect on future periods,an entity shall disclose:
A)the title of the International Financial Reporting Standard.
B)the nature of the change in accounting policy.
C)when applicable, a description of the transitional provisions.
D)all of the given answers.

Question

Quizplus · Accepted Answer

All of the given answers are required disclosures when initial application of an International Financial Reporting Standard has an effect on the current or any prior period, or might have an effect on future periods. The title of the standard should be disclosed, as well as the nature of the change in accounting policy. If applicable, a description of the transitional provisions should also be included.

When Initial Application of an International Financial Reporting Standard Has