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4 When a prior business combination is not restated upon transition to IFRS, the first-time adopter adjusts its opening IFRS balance sheet to exclude any
4 When a prior business combination is not restated upon transition to IFRS, the first-time adopter adjusts its opening IFRS balance sheet to exclude any item recognized under previous GAAP that does not qualify for recognition as an asset or liability under IFRS. Where are these adjustments recorded? O All adjustments are recorded in retained earnings. All adjustments are recorded in retained earnings, except any that require an intangible asset to be reclassified as goodwill or vice versa. All adjustments are recorded in profit or loss, except any that require an intangible asset to be reclassified as goodwill or vice versa. All adjustments are recorded in profit or loss
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