Accountancy, asked by sandhumanveer2486, 10 hours ago

Can a service company adopt IFRS for the first time?

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Answered by rupa8bkvadr2

Answer:

IFRS 1 applies when an entity adopts IFRSs for the first time by an explicit and unreserved statement of compliance with IFRSs. In general, IFRS 1 requires an entity to comply with each IFRS effective at the reporting date for its first IFRS financial statements.

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