AASB 1 First-time Adoption of Australian Accounting Standards 7-9: Use one set of accounting policies, compliant with every Standard in force at the end of the first reporting period, across the opening position and all periods presented; earlier versions of Standards and the transitional rules of other Standards do not apply

What does 7-9 require?

The same accounting policies apply to the opening statement of financial position and to every period in the first set of statements, and those policies must comply with each Standard effective at the end of the first reporting period, subject only to the exceptions in paragraphs 13 to 19 and Appendices B to E. Superseded versions of a Standard, in force at earlier dates, are not used; a Standard not yet mandatory may be applied early where it permits that. Transitional provisions written into other Standards are for entities already applying the Standards and do not govern a first-time adopter, except where Appendices B to E say so.