The objective of this Standard is to provide guidance to a first-time adopter that prepares and presents financial statements following the adoption of accrual basis ASLBs, in order to present high quality information:

(a)             Thatprovidestransparentreportingaboutafirst-timeadopter’s transition to accrual basis ASLBs;

(b)            That provides a suitable starting point for accounting in accordance with accrual basis ASLBs irrespective of the basis of accounting the first-time adopter has used prior to the date of adoption;and

(c)            Where the benefits are expected to exceed thecosts.