Question

Financial statements of Kansas Ltd (Fr) for 2X13 are authorized by management and auditors on February 15, 2X13 for issuance on February 28, 2X13. On February 20, Kansas settles as a plaintiff (payer of settlement) a 5 million Euro lawsuit. CFO of Kansas Ltd (Fr) makes a second decision regarding the presentation of the financial statements and decides this settlement does not need to be recognized in 2X13. He is:

Answer 1

Answer:

a) In compliance with the IFRS

Explanation:

Since in the question it is mentioned that The financial statement of kansas ltd would be authorized by the management and auditors as on Feb 15 fpr issuance. On Feb 20 it settled as a plaintiff a 5 million euro lawsuit. Now the CFO of the company have make the second decision regarding the financial statement presentation in which he decides not to record this settlement so here is in compliance with the IFRS

Therefore the option A is correct