International Financial Reporting Standard 1
First-time Adoption of International Financial Reporting Standards
In April 2001 the International Accounting Standards Board (IASB) adopted SIC-8 First-time Application of IASs as the Primary Basis of Accounting, which had been issued by the Standing Interpretations Committee of the International Accounting Standards Committee in July 1998.
In June 2003 the IASB issued IFRS 1 First-time Adoption of International Financial Reporting
Standards to replace SIC-8. IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout IFRSs, including IFRS 1.
The IASB restructured IFRS 1 in November 2008. In December 2010 the IASB amended
IFRS 1 to reflect that a first-time adopter would restate past transactions from the date of transition to IFRS instead of at 1 January 2004.
Since it was issued in 2003, IFRS 1 was amended to accommodate first-time adoption
requirements resulting from new or amended IFRSs. IFRS 1 was recently amended by Government Loans (issued March 2012), which added an exception to the retrospective
application of IFRS to require that first time adopters apply the requirements in IFRS 9
Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans existing at the date of transition to IFRS. IFRS 1 was also amended as a result of amendments to IFRS 11 made by Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) (issued June 2012). The amendment to IFRS 1 added an exception that requires a first-time adopter to apply the transition provisions in IFRS 11 at the date of transition to IFRS.
Other IFRSs have made minor consequential amendments to IFRS 1. They include IFRIC 18 Transfers of Assets from Customers (issued January 2009), Additional Exemptions for First-time Adopters (Amendments to IFRS 1) (issued July 2009), IFRIC 19 Extinguishing Financial Liabilities with Equity Instrument (issued November 2009), Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendments to IFRS 1) (issued January 2010), Improvements to IFRSs (issued May 2010), Disclosures—Transfers of Financial Assets (Amendments to IFRS 7) (issued October 2010), IFRS 10 Consolidated Financial Statements (issued May 2011), IFRS 11 Joint Arrangements (issued May 2011), IFRS 13 Fair Value Measurement (issued May 2011), IAS 19 Employee Benefits (issued June 2011), Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) (issued June 2011), IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (issued October 2011), Annual Improvements to IFRSs 2009-2011 Cycle (issued May 2012), Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (issued October 2012), IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013) and Annual Improvements to IFRSs 2011-2013 Cycle (issued December 2013).
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INTERNATIONAL FINANCIAL REPORTING STANDARD 1
FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL
RECOGNITION AND MEASUREMENT
Opening IFRS statement of financial position
Exceptions to the retrospective application of other IFRSs
Exemptions from other IFRSs
PRESENTATION AND DISCLOSURE
Non-IFRS comparative information and historical summaries
Explanation of transition to IFRSs
Designation of financial assets or financial liabilities
Use of fair value as deemed cost
Use of deemed cost for investments in subsidiaries, joint ventures and
Use of deemed cost for oil and gas assets
Use of deemed cost for operations subject to rate regulation
Use of deemed cost after severe hyperinflation
Interim financial reports
WITHDRAWAL OF IFRS 1 (ISSUED 2003)
A Defined terms
B Exceptions to the retrospective application of other IFRSs
C Exemptions for business combinations
D Exemptions from other IFRSs
E Short-term exemptions from IFRSs
International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) is set out in paragraphs 1-40 and Appendices A-E. All the paragraphs have equal authority. Paragraphs in bold type state the main principles.
Terms defined in Appendix A are in italics the first time they appear in the IFRS.
Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IFRS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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