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WorksheetsFirst time adoption of PFRS 1
Total questions: 6
Worksheet time: 12mins
This is defined as the first annual financial statements in which an entity adopts PFRS by an explicit and unreserved statement of compliance with PFRS.
PFRS financial statements
First PFRS financial statement
Opening PFRS statement of financial position
First audited financial statements
An entity that presents first annual financial statements that conform with PFRS is known as
an originating entity
a provisional presenter
a first time adopter
an initial repeorter
What is the date of transition to PFRS?
The beginning of the latest period in most recent annual financial statements under previous GAAP
The end of the latest period in the most recent annual financial statements under previous GAAP
The beginning of the earliest period for which an entity presents full comparative information under PFRS
The end of the earliest period for which an entity presents full comparative information under PFRS
The entity adopted PFRS for the first time and intended to present the first FS PFRS on December 31 2022. They presented two years comparative information, the opening PFRS should be on
January 1 2021
January 1 2019
January 1 2020
January 1 2022
The statement of financial position at the date of transition to PFRS is best described as
Provisional PFRS statement of financial position
Closing PFRS statement of financial position
Opening PFRS statement of financial position
Originating PFRS statement of financial position
Which is not a required adjustment in an opening PFRS statement of financial position?
Recognize all assets and liabilities required under PFRS
Derecognize assets and liabilities not permitted by PFRS
Disclose as comparative information all figures under previous GAAP alongside figures for the current year presented under PFRS
Measure all recognized assets and liabilities according to principles contained in PFRS
