CERTYNEX IFRS ACADEMY

The finance director of the Dremine group, used to a foreign GAAP, wants to apply that GAAP's practice to its property, plant and equipment, although an IFRS specifically deals with these assets. What is the answer?

The applicable IFRS prevails; other GAAPs may only be considered when no IFRS applies.

The foreign GAAP may be applied if it is more recent than the IFRS.

The foreign GAAP may be applied if the parent uses it.

The entity may apply the foreign GAAP if it says so in the notes.