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The objective of the IFRS is to ensure that an entity’s IFRS 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(c) can be generated at a cost that does not exceed the benefits. An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs.
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