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Which of the circumstances would an entity current year

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Problem 1: Under which of the following circumstances would an entity's current year financial statements not qualify as first PFRS financial statements?

a. The entity prepared its financial statements in the previous year under PFRS for internal purposes

b. The entity prepared its financial statements in the previous year under its national GAAP

c. The entity prepared its financial statements in the previous year in conformity with all requirements of PFRS but did not contain an explicit and unreserved statement of compliance with PFRS

d. The entity prepared its financial statements in the previous year in conformity with all requirements of PFRS and contained an explicit and unreserved statement of compliance with PFRS

Reference no: EM132776733

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