IFRS 1 First-time Adoption of International Financial Reporting Standards

IFRS 1 Objective Scope

Objective IFRS 1 Objective ScopeIFRS 1 Objective Scope

1 The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:

  1. is transparent for users and comparable over all periods presented;
  2. provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IFRSs); and
  3. can be generated at a cost that does not exceed the benefits. IFRS 1 Objective Scope

Scope

2 An entity shall apply this IFRS in: IFRS 1 Objective Scope

  1. its first IFRS financial statements; and IFRS 1 Objective Scope
  2. each interim financial report, if any, that it presents in accordance with IAS 34
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IFRS 1 Recognition and measurement

Opening IFRS statement of financial position IFRS 1 Recognition and measurementIFRS 1 Recognition and measurement

6 An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs.

Accounting policies

7 An entity shall 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 shall comply with each IFRS effective at the end of its first IFRS reporting period, except as specified in paragraphs 13–19 and Appendices B–E.

8 An entity shall not apply different versions of IFRSs that were effective at earlier dates. An entity … Read more

IFRS 1 Presentation and disclosure

20 This IFRS does not provide exemptions from the presentation and disclosure requirements in other IFRSs. IFRS 1 Presentation and disclosureIFRS 1 Presentation and disclosure

Comparative information

21 An entity’s first IFRS financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information for all statements presented. IFRS 1 Presentation and disclosure

Non-IFRS comparative information and historical summaries

22 Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with IFRSs. This IFRS does … Read more

IFRS 1 Exceptions to the retrospective application of other IFRSs

Appendix B IFRS 1 Exceptions to the retrospective application of other IFRSs

IFRS 1 Exceptions to the retrospective application of other IFRSs

This appendix is an integral part of the IFRS.

B1 An entity shall apply the following exceptions:

  1. derecognition of financial assets and financial liabilities (paragraphs B2 and B3);
  2. hedge accounting (paragraphs B4–B6);
  3. non-controlling interests (paragraph B7); IFRS 1 Exceptions to the retrospective application of other IFRSs
  4. classification and measurement of financial assets (paragraphs B8–B8C);
  5. impairment of financial assets (paragraphs B8D–B8G); IFRS 1 Exceptions to the retrospective application of other IFRSs
  6. embedded derivatives (paragraph B9); IFRS 1 Exceptions to the retrospective application of other IFRSs
  7. government loans (paragraphs B10–B12); and IFRS 1 Exceptions to the retrospective application of other IFRSs
  8. insurance contracts (paragraph B13). IFRS 1 Exceptions to the
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IFRS 1 Exemptions for business combinations

Appendix C IFRS 1 Exemptions for business combinationsIFRS 1 Exemptions for business combinations

This appendix is an integral part of the IFRS. An entity shall apply the following requirements to business combinations that the entity recognised before the date of transition to IFRSs. This Appendix should only be applied to business combinations within the scope of IFRS 3 Business Combinations. IFRS 1 Exemptions for business combinations

C1 A first-time adopter may elect not to apply IFRS 3 retrospectively to past business combinations (business combinations that occurred before the date of transition to IFRSs). However, if a first-time adopter restates any business combination to comply with IFRS 3, it shall restate all later business combinations and shall also apply IFRS 10 from that same date. … Read more

IFRS 1 Exemptions from other IFRSs

Appendix D IFRS 1 Exemptions from other IFRSsIFRS 1 Exemptions from other IFRSs

Exemptions from other IFRSs

This appendix is an integral part of the IFRS.

D1 An entity may elect to use one or more of the following exemptions:

  1. share-based payment transactions (paragraphs D2 and D3); IFRS 1 Exemptions from other IFRSs
  2. [deleted] IFRS 1 Exemptions from other IFRSs
  3. deemed cost (paragraphs D5–D8B); IFRS 1 Exemptions from other IFRSs
  4. leases (paragraphs D9 and D9B–D9E); IFRS 1 Exemptions from other IFRSs
  5. [deleted] IFRS 1 Exemptions from other IFRSs
  6. cumulative translation differences (paragraphs D12 and D13); IFRS 1 Exemptions from other IFRSs
  7. investments in subsidiaries, joint ventures and associates (paragraphs D14–D15A); IFRS 1 Exemptions from other IFRSs
  8. assets and liabilities of subsidiaries, associates and joint ventures
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