A company adopts international standards for the first time when preparing its financial statements for the year
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A company adopts international standards for the first time when preparing its financial statements for the year to 30 June 2020. These financial statements show comparative figures for the previous two years.
Explain the main requirements of IFRS1 First-time Adoption of International Financial Reporting Standards which must be satisfied when preparing the company's financial statements for the year to 30 June 2020.
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