17 An entity applies IFRS 1 First-time Adoption of International Financial Reporting Standards when it prepares its first IFRS financial statements, or when it is permitted to do so applying paragraph 4A of IFRS 1. An entity that applies this Standard when it prepares its first IFRS financial statements shall apply the disclosure requirements in paragraphs 21-30 of this Standard instead of the disclosure requirements in paragraphs 23-33 of IFRS 1.

18 Electing or revoking an election to apply this Standard does not, on its own, result in an entity meeting the definition of a first-time adopter of IFRS Accounting Standards in IFRS 1. For example, an entity that applied IFRS Accounting Standards, but not this Standard, in the immediately preceding reporting period and that applies this Standard in the current period is not a first-time adopter of IFRS Accounting Standards and shall not apply IFRS 1 in the current period.

19 Similarly, an entity revoking the election to apply this Standard in the current reporting period does not apply IFRS 1 in the current period if, in the immediately preceding period, it provided an explicit and unreserved statement of compliance with IFRS Accounting Standards as required by paragraph 20.