Points to be achieved: $1\mathrm{.}00$

Y Co used some but not all IFRS Accounting Standards in its financial statements to $31$ December $20$X$4.$ In the year to $31$ December $20$X$5,$ 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 $20$X$4,Y$ is considered to be a first time adopter

In the year to $31$ December $20$X$5,Y$ is not considered to be a first time adopter

In the year to $31$ December $20$X$5,Y$ is considered to be a first time adopter

Y is not a first time adopter in $20$X$4$ or $20$X$5.$