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The International Accounting Standards Board (IASB) releases International Financial Reporting Standard (IFRS) 1, First-time Adoption of International Financial Reporting Standards.

The International Accounting Standards Board (IASB) releases International Financial Reporting Standard (IFRS) 1, First-time Adoption of International Financial Reporting Standards. It requires an entity to comply with every IASB standard in force in the first year the entity adopts IFRSs, with certain exceptions related to the cost of full compliance. The IASB is issuing the standard as implementation guidance for the more than 90 countries that will either require or permit the use of IFRSs during the next five years. The standard can be ordered from the IASB by e-mail (publications@iasb.org.uk).
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Title Annotation:International
Publication:Journal of Accountancy
Date:Sep 1, 2003
Words:94
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