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A New IFRS 1

November 30, 2008

The IASB issued a revised version of IFRS 1 on November 27. The new version was previously proposed in 2007. The new version of IFRS 1 has been restructured to make it easier for readers to understand and easier to revise as changes are needed in the future. The revision does not consist of any technical changes

The revised IFRS 1 is effective for entities applying IFRS for the first time for annual periods beginning on or after January 1, 2009.

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