An international reporting milestone has been passed by the publishing of the first standard developed wholly by the International Accounting Standards Body (IASB). International Financial Reporting Standard (IFRS)1 “First-time adoption of financial reporting standards” applies when an entity adopts international standards for the first time with an explicit statement of compliance with IFRSs.
IFRS 1 replaces SIC-8 “First-time application of IAS as the primary basis of accounting”, with the following differences. The new standard:
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