CERTYNEX IFRS ACADEMY

Fyscot's finance director claims that retrospective application of the new policy is 'impracticable': the data exist in the archives, but extracting them would be costly and take two months. What is the conclusion?

Impracticability is established whenever a restatement takes more than one month.

Impracticability is established because the data are archived.

Impracticability is established if the board approves it.

Impracticability is not established: a high cost is not enough as long as reasonable efforts can succeed.