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Sunday, April 25, 2010

Previous GAAP

The term ‘previous GAAP” in relation to IFRSs refers to the basis of accounting that a first-time adopter used immediately before adopting IFRSs.

The term is specifically discussed in IFRS 1 First-time Adoption of International Financial Reporting Standards.

Source: Glossary of Terms of IFRSs as at 31 December 2008.