Technical Summary IFRS 1 First-time Adoption of International Financial Reporting Standards

The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:

(a) is transparent for users and comparable over all periods presented;

(b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IFRSs); and