The application of International Financial Reporting Standards with additional disclosure where necessary is presumed to result in financial statements that:
A) will result in a fair presentation;
B) contain only material items;
C) are free from error and misstatement;
D) are unbiased.

Question

Quizplus · Accepted Answer

The application of International Financial Reporting Standards (IFRS) with additional disclosure where necessary is presumed to result in financial statements that will result in a fair presentation. The aim of IFRS is to enable businesses and organizations to provide financial information that is useful and relevant to a wide range of users for making economic decisions. The application of IFRS helps to ensure that the information provided is transparent, consistent, and comparable, which enhances the quality of financial reporting.

The Application of International Financial Reporting Standards with Additional Disclosure