Division Fair presentation and compliance with IFRSsF1

United Kingdom Repealed

1. 15Division 15
2. 16Division 16
3. 17In virtually all circumstances, an entity achieves a fair presentation by compliance with applicable IFRSs. A fair presentation also requires an entity:
4. 18Division 18
5. 19Division 19
6. 20When an entity departs from a requirement of an IFRS in accordance with paragraph 19, it shall disclose:
7. 21Division 21
8. 22Division 22
9. 23In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Framework, but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing:
10. 24For the purpose of paragraphs 19–23, an item of information would conflict with the objective of financial statements when it does not represent faithfully the transactions, other events and conditions that it either purports to represent or could reasonably be expected to represent and, consequently, it would be likely to influence economic decisions made by users of financial statements. When assessing whether complying with a specific requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Framework, management considers: