CERTYNEX IFRS ACADEMY

Gernax early-applies a new IFRS. Its finance director is preparing a note justifying this choice as a voluntary change 'providing more relevant information'. How should this approach be analysed?

Early application is prohibited: Gernax must wait for the mandatory effective date of the new IFRS.

The approach is correct: any early application must show increased relevance.

The approach is correct if the IFRS becomes effective less than one year later.

The classification is wrong: early application is not a voluntary change.