AASB 1 First-time Adoption of Australian Accounting Standards 10-11: In the opening statement of financial position recognise, derecognise, reclassify and measure every item as the Standards require, and take the resulting adjustments straight to retained earnings or another equity category

What does 10-11 require?

Except where paragraphs 13 to 19 and Appendices B to E provide otherwise, the opening statement recognises all assets and liabilities the Standards require, leaves out items the Standards do not allow as assets or liabilities, reclassifies items that the previous GAAP treated as a different kind of asset, liability or equity component, and measures all recognised assets and liabilities under the Standards. Because the differences arise from events before the transition date, the adjustments are recognised directly in retained earnings or, where appropriate, in another category of equity at that date.