ACCOUNTING POLICIES & STANDARDS An entity shall use the same accounting policies in its opening IFRS statement of fiancial position and throughout all periods presented in its fist IFRS fiancial statements. Those accounting policies shall comply with each IFRS effective at the end of its fist IFRS reporting period. An entity shall not apply different versions of IFRSs that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if that IFRS permits early application.