CERTYNEX IFRS ACADEMY

Of the arguments put forward by Fosia for not applying its new policy retrospectively, which can support impracticability?

The data for the years concerned were never collected and cannot be rebuilt despite every reasonable effort.

The auditor prefers prospective application.

The restatement would reduce reported comparative profit.

The restatement would require reconstructing what management's intent was at the time, which is documented nowhere.

The restatement would tie up the accounting team for several weeks.