BC85 IAS 1 requires an entity to disclose comparative information (in accordance with IFRSs) for the previous period. Some suggested that a first‑time adopter should disclose comparative information for more than one previous period. For entities that already apply IFRSs, users normally have access to financial statements prepared on a comparable basis for several years. However, this is not the case for a first‑time adopter. [When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.]
BC86 Nevertheless, the Board did not require a first‑time adopter to present more comparative information than IAS 1 requires, because such a requirement would impose costs out of proportion to the benefits to users, and increase the risk that preparers might need to make arbitrary assumptions in applying hindsight. [When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.]
BC87 ED 1 proposed that if the first IFRS financial statements include
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