IFRS 1 applies when an issuer first adopts IFRS.
Except when electing to use the deemed cost exemption in accordance with Article 26 below, the issuer shall apply IAS 40, IAS 16, IAS 38, and IFRS 6 retrospectively to investment property, property, plant and equipment not classified as for investment or held for sale, intangible assets, and exploration and evaluation assets in accordance with the preceding paragraph at the date of transition to IFRS.

An issuer electing to use the deemed cost exemption described in IFRS 1 shall be subject to the following:
1. If electing to use the fair value of an item of investment property as its deemed cost, the issuer shall do so in accordance with Article 9, paragraph 4, subparagraph 4.
2. For an item of investment property that does not fall within the scope of the preceding subparagraph allowing the use of fair value as deemed cost, of property, plant and equipment not classified as for investment or held for sale, of intangible assets, or of exploration and evaluation assets, the issuer may only elect to use a previous GAAP revaluation of that item as deemed cost at the date of the revaluation.

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