CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting And Reporting (FAR) Exam

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An entity wishes to depart from a requirement of an IFRS Standard because management concludes compliance would be so misleading it conflicts with the objective of financial statements. Under IAS 1, when is such a departure permitted?

Never; IFRS requirements are mandatory in all circumstances Whenever management considers an alternative treatment provides more relevant information Only with prior written approval from the IFRS Interpretations Committee Only in the extremely rare circumstance that the relevant regulatory framework does not prohibit it, with full disclosure of the departure

Correct Answer:

Only in the extremely rare circumstance that the relevant regulatory framework does not prohibit it, with full disclosure of the departure

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