CERTYNEX IFRS ACADEMY

For a Level 3 class measured on a recurring basis (case data), a group publishes a reconciliation that moves from an opening balance of 800 to a closing balance of 950, detailing only profit or loss (+ 60). The year's purchases (+ 120) and sales (− 30) do not appear. What is the error?

The reconciliation should show only profit or loss, purchases and sales belonging to other notes.

The reconciliation concerns only Level 1 measurements, not Level 3 ones.

The reconciliation must be replaced by publishing the closing balance alone.

The reconciliation does not explain the whole difference between opening and closing: movements are missing.