BC11 Paragraphs 7–9 of the IFRS require a first‑time adopter to apply the current version of IFRSs, without considering superseded or amended versions. [Annual Improvements Cycle 2011–2013 clarified that this paragraph does not require an entity to use a more recent version of an IFRS. It only explains the advantages of applying a more recent version of an IFRS. See paragraph BC11A for further details.] This:
(a) enhances comparability, because the information in a first‑time adopter’s first IFRS financial statements is prepared on a consistent basis over time;
(b) gives users comparative information prepared using later versions of IFRSs that the Board regards as superior to superseded versions; and
(c) avoids unnecessary costs.
BC11A Paragraph 7 requires an entity to use the IFRSs that are effective at the end of its first IFRS reporting period. Paragraph 8 allows a first-time adopter to apply a new IFRS that is not yet mandatory if that IFRS permits early application. Notw
…