Section 1500 - First-time Adoption
February 01, 2022

Section 1500 applies to the first set of financial statements an entity prepares in accordance with ASPE. The purpose of this section is to ensure that an entity’s first financial statements prepared using ASPE contain high-quality information that:
- Is transparent for users and comparable over all periods presented
- Provides a suitable starting point for accounting under ASPE
- Can be generated at a cost that does not exceed the benefit to the users
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