First IFRS is published

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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