Question: How should a first-time adopter of IFRS recognize the adjustments required to present its opening IFRS statement of financial position? a. All of the adjustments

How should a first-time adopter of IFRS recognize the adjustments required to present its opening IFRS statement of financial position?

a. All of the adjustments should be recognized in profit or loss.

b. Adjustments that are capital in nature should be recognized in retained earnings and adjustments that are revenue in nature should be recognized in profit or loss.

c. Current adjustments should be recognized in profit or loss and noncurrent adjustments should be recognized in retained earnings.

d. All of the adjustments should be recognized directly in retained earnings or, if appropriate, in another category of equity.

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