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Transition exemptions
Section 35 provides no exemption from Section 6, therefore this standard must be applied in full on transition. However this should not be an issue as the layout only differs, the information in the changes of equity would have had to be disclosed within the notes to the financial statements under old GAAP.
Principal transition adjustments
As this Section merely details the layout, there are no adjustments required on transition. Entities will need to apply the new layout on transition to FRS 102 however this should not be too onerous as under old GAAP similar information was provided within the notes to the financial statements.
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