Because first-time adopters of IFRS must use the latest IFRS, they must adopt a standard whose application is not yet mandatory for the first IFRS period but whose early adoption is permitted.

Question

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First-time adopters of IFRS are not required to adopt standards that are not yet mandatory, even if early adoption is permitted. They can choose to apply the standards that are mandatory at the time of their first IFRS financial statements.

Because First-Time Adopters of IFRS Must Use the Latest IFRS