Repeated application of IFRS 1 when an entity does not apply IFRSs for one year
Entity D prepared IFRS financial statements for 2010 and 2011 that contained an explicit and unreserved statement of compliance with IFRSs. However, in 2012 Entity D did not make an unreserved statement of compliance with IFRSs.
Entity D may choose to apply IFRS as a first-time adopter or it may elect to restate its financial statements retrospectively as if it had never stopped producing IFRS financial statements.
If it elects to apply IFRS as a first-time adopter for the purposes of its 2013 financial statements, there is no requirement under IFRS 1 for Entity D to base its first IFRS financial statements in 2013 on the IFRS information that it produced before 2012. Therefore, Entity D will apply the IFRS 1 exemptions without regard to the elections it made in its first IFRS financial statements in 2010. In fact, Entity D is unable to apply certain IFRS 1 exemptions by reference to the date of transition that it used in its 2010 financial statements (see 1.3.2.A below).