Question

What is the "true and fair override“?

What is the "true and fair override“?

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Answer #1

Answer An organization’s financial statement should comply IFRS, related laws, rules, regulations. And this should be disclosed. But in extremely rare circumstances owner of organization may conclude that organization comply an IFRSS, would be misleading. In these circumstances company should depart from the requirement of the standard provided the relevant regulatory framework permits such departure. That override should not prohibited by relevant regulatory framework.

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