A first-time adopter shall apply IFRIC 1, Changes in Existing Decommissioning, R

Question

  

                            
           A first-time adopter shall apply IFRIC 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities, retrospectively.                             
           A first-time adopter does not need to apply the requirements of IFRIC 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities, retrospectively.                             
           A first-time adopter cannot apply IFRIC 1 retrospectively to changes in decommissioning liabilities incurred before the date of transition.

Explanation / Answer

A first-time adopter does not need to apply the requirements of IFRIC 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities, retrospectively

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