In circumstances where there may be a conflict between the Framework and an IFRS, which of the following statements is true?
Select one option and click Submit.
In such cases the requirements of the specific IFRS prevail over the Framework
In such cases the requirements of the Framework prevail over the specific IFRS
Both have equal standing, and depending on the situation, the person preparing the financial statements has the discretion to decide whether the Framework or the IFRS prevails