(2)On 27 November 2008, the International Accounting Standards Board (IASB) published the International Financial Reporting Standard 1 First-time adoption of international financial reporting standards , hereinafter ‘restructured IFRS 1’. The restructured IFRS 1 replaces the existing IFRS 1 in order to make IFRS 1 easier to use and amend in the future. The restructured IFRS 1 also removes from the standard some outdated transition guidance and contains some minor wording changes. The current requirements do not change.