Discuss why adoption of IFRS 1 was met with controversy and how Luxottica Group, a 2010 first-time adopter, presented its statement of financial position and what alternatives were available.

CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008) Amounts in thousands of Euro except share data) Net sales Cost of sales Note 2010 2009 2008 45,798,035 5,094,318 5,201,611 3,452,983 (576,355) 731,639 (1,990,205) 1,762,591) (1,748,628) 3,331,727 (2,367,979) (2,104,362) 2,144,989) Gross profit 3,807,831 Selling and Advertising General and administrative (727,693) (656,280) Total operating expenses Income from operations (3,095,672) (2,760,642) (2,721,344) 571,085 Other incomel(expense) Interest income Interest expense Other-net 13,265 25 (106,987) (109,132) (123,002) (33,531) 712,159 8,494 (8,130) 6,887 (4,056) Income before provision for 605,535 (218,219) 588,371 (159,888) 190,499) 464,784 income taxes Provision for income taxes Net income from continuing 387,315 19,944 407,258 304,896 397,872 operations Discontinued operations Net Income Of which attributable to 304,896 397,872 402,187 5,072 407,258 299,122 5,774 304,896 390,167 7,705 397,872 Luxottica Group stockholders -Non-controlling interests NET INCOME Weighted average number of shares outstanding: Basic Diluted 458,711,441 457,270,491 456,563,502 460,535,397 457,937,802 457,844,280 EPS Basic-from continuing operations Basio from discontinued operations Basic 0.83 0.04 0.88 0.85 0.00 0.85 0.00 0.83 0.04 0.87 0.65 0.65 0.00 0.65 Diluted from continuing operations Diluted-from discontinued 0.85 0.00 0.85 Diluted In accordance with IFRS. See notes to the consolidated financial statements