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Final stage

In May 2020, the International Accounting Standards Board (Board) issued an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards as part of Annual Improvements to IFRS Standards 2018–2020.

The amendment to IFRS 1 simplifies the application of IFRS 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences.

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