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Y Co used some but not all IFRS Accounting Standards in its financial statements to...

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Accounting

Y Co used some but not all IFRS Accounting Standards in its financial statements to 31 December 20X4. In the year to 31 December 20X5, Y Co is to adopt all IFRS Accounting Standards.
Which of the following statements is true under IFRS 1, First time Adoption of International Financial Reporting Standards?
Please select the right answer.
In the year to 31 December 20X4, Y is considered to be a first time adopter
In the year to 31 December 20X5, Y is not considered to be a first time adopter
In the year to 31 December 20X5, Y is considered to be a first time adopter
Y is not a first time adopter in 20X4 or 20X5.

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