CERTYNEX IFRS ACADEMY

In the same year, Pailbix (1) early-applies an IFRS that has transitional provisions and (2) voluntarily changes its inventory cost formula. Which combination of treatments is correct?

(1) and (2) retrospectively, as two voluntary changes.

(1) prospectively, as a change in estimate, and (2) under transitional provisions chosen by the entity.

(1) and (2) in the year's profit.

(1) under the IFRS's transitional provisions, without being a voluntary change; (2) retrospectively.