ANNEX

IFRS 1 — FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARD

INTERNATIONAL FINANCIAL REPORTING STANDARD 1

First-time adoption of International Financial Reporting Standards

PRESENTATION AND DISCLOSURE

Use of fair value as deemed cost

44. If an entity uses fair value in its opening IFRS balance sheet as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset (see paragraphs 16 and 18), the entity's first IFRS financial statements shall disclose, for each line item in the opening IFRS balance sheet:
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Repealed by Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance).