An entity shall use the same accounting policies in its opening IFRS balance sheet (i.e., 12/31/04) and throughout all periods ...

An entity shall use the same accounting policies in its opening IFRS balance sheet (i.e., 12/31/04) and throughout all periods presented in its first IFRS financial statements.  Those accounting policies shall comply with each IFRS effective at the reporting date (i.e., 12/31/05) for its first IFRS financial statements, except if certain exemptions or exceptions are applicable.
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