Which of the following is not one of the steps to prepare IFRS statements for the first time? Multiple Choice 0 Determine applicable IFRS accounting policies based on standards in force on the reporting date. 0 Recognize assets and liabilities required to be recognized under IFRS that were not recognized under previous GAAP. 0 Derecognize assets and liabilities previously recognized that are not allowed to be recognized under IFRS. 0 Reclassify items previously classified in a different manner from what is acceptable under IFRS. 0 Comply with most disclosure and presentation requirements