Which of the following is not one of the steps to prepare IFRS statements for the first time?
A. Determine applicable IFRS accounting policies based on standards in force on the reporting date.
B. Comply with most disclosure and presentation requirements.
C. Recognize assets and liabilities required to be recognized under IFRS that were not recognized under previous GAAP.
D. Derecognize assets and liabilities previously recognized that are not allowed to be recognized under IFRS.
E. Reclassify items previously classified in a different manner from what is acceptable under IFRS.
Answer: B
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