Answer
Date of transition: This is the point at which the application of IFRS commences. The foremost statement of financial position crafted in line with the IFRS is published on this date.
Date of reporting: Financial statements prepared in line with the IFRS are disseminated on this date. These statements comprise those prepared at a minimum of two years (of utilizing GAAP) before embracing IFRS.
Work Step by Step
Date of transition: This is the point at which the application of IFRS commences. The foremost statement of financial position crafted in line with the IFRS is published on this date.
Date of reporting: Financial statements prepared in line with the IFRS are disseminated on this date. These statements comprise those prepared at a minimum two years (of utilizing GAAP) before embracing IFRS.
