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Exemptions From Other IFRSs 1

Exemptions From Other IFRSs 1 :  An entity may elect to use one or more of the following exemptions:
(a) share-based payment transactions
(b) insurance contracts
(c) deemed cost
(d) leases
(e) [deleted]
(f) cumulative translation differences
(g) investments in subsidiaries, joint ventures and associates
(h) assets and liabilities of subsidiaries, associates and joint ventures
(i) compound financial instruments
(j) designation of previously recognised financial instruments
(k) fair value measurement of financial assets or financial liabilities at initial recognition
(l) decommissioning liabilities included in the cost of property, plant and equipment
(m) financial assets or intangible assets accounted for in accordance with IFRIC 12 Service Concession Arrangements
(n) borrowing costs
(o) transfers of assets from customers
(p) extinguishing financial liabilities with equity instruments
(q) severe hyperinflation
(r) joint arrangements
(s) stripping costs in the production phase of a surface mine and
(t) designation of contracts to buy or sell a non-financial item
An entity shall not apply these exemptions by analogy to other items.

Exemptions From Other IFRSs 1

Exemptions From Other IFRSs 1 : An entity shall apply this IFRS in:
(a) its first IFRS financial statements; and
(b) each interim financial report, if any, that it presents in accordance with IAS 34 Interim Financial Reporting for part of the period covered by its first IFRS financial statements.

An entity’s first IFRS financial statements are the first annual financial
statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements in accordance with IFRSs are an entity’s first IFRS financial statements if, for example, the entity:
(a) presented its most recent previous financial statements:
(i) in accordance with national requirements that are not consistent with IFRSs in all respects;
(ii) in conformity with IFRSs in all respects, except that the financial statements did not contain an explicit and unreserved statement that they complied with IFRSs;
(iii) containing an explicit statement of compliance with some, but not all, IFRSs;
(iv) in accordance with national requirements inconsistent with IFRSs, using some individual IFRSs to account for items for which national requirements did not exist; or
(v) in accordance with national requirements, with a reconciliation of some amounts to the amounts determined in accordance with IFRSs;

(b) prepared financial statements in accordance with IFRSs for internal use only, without making them available to the entity’s owners or any other external users;
(c) prepared a reporting package in accordance with IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in IAS 1 Presentation of Financial Statements (as revised in 2007); or
(d) did not present financial statements for previous periods.

Exemptions From Other IFRSs 1

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Exemptions From Other IFRSs 1 : This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an entity:
(a) stops presenting financial statements in accordance with national requirements, having previously presented them as well as another set of financial statements that contained an explicit and unreserved
statement of compliance with IFRSs;
(b) presented financial statements in the previous year in accordance with national requirements and those financial statements contained an explicit and unreserved statement of compliance with IFRSs; or
(c) presented financial statements in the previous year that contained an explicit and unreserved statement of compliance with IFRSs, even if the auditors qualified their audit report on those financial statements.

Exemptions From Other IFRSs 1

Exemptions From Other IFRSs 1 : 

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Exemptions From Other IFRSs 1

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