2.9 ACCOUNTING POLICIES
2.9.1 Basic Rule
As a basic principle in IFRS 1, an entity must check which IFRSs are in force at the end of its first IFRS reporting period (i.e., the reporting date) and use these, not earlier versions, in its opening IFRS statement of financial position and in the first IFRS financial statements including comparative information.103
2.9.2 Effective Date Threshold
IFRS 1 states that an IFRS first-time adopter applies IFRSs in effect at its first IFRS reporting date, not at the date of issuance or authorization for issuance of the first IFRS financial statements.104 This topic has particular implications in case of earlier adoption of an IFRS (Paragraph 2.9.4 that follows), or EU-GAAP (Paragraph 2.9.6 following). Interim financial information under IFRSs in SEC filings (Paragraph 2.15.6 that follows) is another specific application.