28 October 2002

Sir David Tweedie
Chairman
International Accounting Standards Board
30 Cannon Street
London EC4M 6XH
UNITED KINGDOM

Dear Sir David

ED 1: First-time Application of International Financial Reporting Standards

The Group of 100 (G100) is pleased to comment on the above Exposure Draft. Our comments are attached.

The G100 considers that an IFRS dealing with first-time application is essential to establish the basis for the preparation of financial statements and to enhance the comparability of financial statements prepared in accordance with IFRS.

Yours sincerely

Tom Pockett
National President

c.c. Keith Alfredson - Chairman AASB

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