3.4 Fair presentation and compliance with IFRS

Question 1

What does IAS1 require with regard to “compliance with IFRS?

Answer 1

The entity must specifically disclose compliance with IFRS within the notes to the financial statements.

Question 2

When is departure from IFRS permmitted by IAS1?

Answer 2

In extremely rare circumstances where compliance with IFRS would conflict with the objective of the financial statements.