CERTYNEX IFRS ACADEMY

The Zilvane group applies for the first time an IFRS whose transitional provisions require an adjustment to equity at the date of initial application, without restating comparatives. The team has prepared a full restatement of the two years presented. What is the conclusion?

The full restatement is preferable, as more informative than the transitional provisions.

The full restatement does not comply: the IFRS's transitional provisions must be followed.

No adjustment is required, either at the opening date or on comparatives, since the new IFRS only concerns future transactions.

The full restatement complies, IAS 8 leaving the choice to the entity.