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On 19 June 2003, the International Accounting Standards Board (IASB) published IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRS). Since then, substantial amendments have been made to IFRS 1 as a result of the improvements to the original IAS and the new IFRS. IFRS 1 establishes the transition requirements for the preparation of financial statements in accordance with the International Financial Reporting Standards for the first time. This paper explains the contents of IFRS 1 and focuses on the significant consequences for companies that do not already state compliance with IFRS.
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