IFRS 1 – First- time adoption of IFRS
IFRS 1 contains all of the transitional recognition, measurement, presentation and disclosure requirements applicable for a first- time adopter preparing its first annual and interim financial statements in accordance with IFRS. A first-time adopter does not apply the transitional requirements of individual standards or interpretations unless specifically required to do so.
An opening statement of financial position is prepared. The ‘date of transition’ is the beginning of the earliest comparative period presented on the basis of IFRS. At least one year of comparative is presented along with the opening statement of financial position. The transitional requirements and exemptions on the first- time adoption of IFRS are applicable to both annual and interim financial statements.
Overview of IFRS 1
Apply IFRS in measuring all recognised assets and liabilities
IFRS 1 contains all of the transitional recognition, measurement, presentation and disclosure requirements applicable for a first- time adopter preparing its first annual and interim financial statements in accordance with IFRS. A first-time adopter does not apply the transitional requirements of individual standards or interpretations unless specifically required to do so.
An opening statement of financial position is prepared. The ‘date of transition’ is the beginning of the earliest comparative period presented on the basis of IFRS. At least one year of comparative is presented along with the opening statement of financial position. The transitional requirements and exemptions on the first- time adoption of IFRS are applicable to both annual and interim financial statements.
Overview of IFRS 1
Apply IFRS in measuring all recognised assets and liabilities
- Choose accounting policy
- Make judgments and estimates
- Recognise adjustments from previous GAAP to IFRS