CERTYNEX IFRS ACADEMY

Iris SA's financial statements apply all IFRS standards, but without further information do not convey a particular transaction that weighs on the entity's position (case facts). What does IAS 1 provide so that the financial statements fairly present the entity's position?

Consider that applying the standards is enough, provided no standard asks for information on that transaction.

Replace the amounts resulting from the IFRS standards with amounts chosen by management to describe the transaction better.

Remove the transaction from the financial statements, since no standard specifies its presentation.

Apply the IFRS standards, adding further disclosures if necessary to achieve a fair presentation.