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- IFRS 1 – First-time Adoption of IFRS 0%
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Question 1 of 7
1. Question
A first-time adopter is __________ to apply IFRS 2 to liabilities arising from share-based payment transactions that were settled __________ the date of transition to IFRSs.
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Question 2 of 7
2. Question
An entity may elect to measure an item of property, plant and equipment at the date of transition to IFRSs at __________.
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Question 3 of 7
3. Question
If an entity becomes a first-time adopter later than its subsidiary, how shall the entity measure subsidiary’s assets and liabilities in its consolidated financial statements?
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Question 4 of 7
4. Question
When an entity’s date of transition to IFRSs is on, or after, the functional currency normalisation date, the entity may elect to measure all assets and liabilities held before the functional currency normalisation date at net book value on the date of transition to IFRSs.
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Question 5 of 7
5. Question
If an entity has a functional currency that was, or is, the currency of a hyperinflationary economy, it __________ determine whether it was subject to severe hyperinflation __________ the date of transition to IFRSs.
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Question 6 of 7
6. Question
An entity need not apply IAS 21 The Effects of Changes in Foreign Exchange Rates retrospectively to __________ arising in business combinations that occurred before the date of transition to IFRSs.
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Question 7 of 7
7. Question
The end of entity A’s first IFRS reporting period is 31 December 20X5. Entity A decides to present comparative information in those financial statements for one year only. The entity made the decision about adopting IFRSs on 31 March 20X5 and issued these financial statements on 31 March 20X6. What is the entity’s date of transition to IFRSs?
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