An entity must use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements. Those accounting policies must comply with each IFRSs effective at the end of its first IFRS reporting period, unless there is a mandatory exception to retrospective application or an optional exemption from the requirements of IFRSs.
- An entity may apply a new IFRS that is not yet mandatory if that IFRSs permits early application.
- The transitional provisions in IFRSs do not apply to a first-time adopter’s transition to IFRSs.
Mandatory Exceptions to Retrospective Application and Optional Exemptions from the Requirements of IFRSs… Read more