Which of the following is not a step in preparing IFRS financial statements for the first time?

Multiple Choice

• Determine applicable IFRS accounting policies based on standards in effect on the reporting date.

• Determine applicable IFRS accounting policies based on the standards in effect on the opening balance sheet date.

• Recognize assets and liabilities required to be recognized under IFRS that were not recognized under previous GAAP.

• Derecognize assets and liabilities previously recognized that are not allowed to be recognized under IFRS.

• Measure assets and liabilities recognized on the opening balance sheet in accordance with IFRS.