Explanation of transition to IFRS Accounting Standards
21 An entity shall explain how the transition from previous GAAP to IFRS Accounting Standards affected its reported financial position, financial performance and cash flows.
22 An entity that has applied IFRS Accounting Standards in a previous period, as described in paragraph 4A of IFRS 1, shall disclose:
(a) the reason it stopped applying IFRS Accounting Standards; and
(b) the reason it is resuming the application of IFRS Accounting Standards.
23 When an entity, in accordance with paragraph 4A of IFRS 1, does not elect to apply IFRS 1, the entity shall explain the reasons for electing to apply IFRS Accounting Standards as if it had never stopped applying IFRS Accounting Standards.
24 To comply with paragraph 21, an entity's first IFRS financial statements shall include:
(a) reconciliations of its equity reported in accordance with previous GAAP to its equity in accordance with IFRS Accounting Standards for both:
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