Except as described in paragraphs 13-19 and Appendices B-E, an entity shall, in
its opening IFRS statement of financial position:
(a)recognise all assets and liabilities whose recognition is required by IFRSs;
(b)not recognise items as assets or liabilities if IFRSs do not permit such
(c)reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IFRSs;
(d)apply IFRSs in measuring all recognised assets and liabilities.
11The accounting policies that an entity uses in its opening IFRS statement of financial position may differ from those that it used for the same date using its previous GAAP. The resulting adjustments arise from events and transactions before the date of transition to IFRSs. Therefore, an entity shall recognise those adjustments directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to IFRSs.
12This IFRS establishes two categories of exceptions to the principle that an entity's opening IFRS statement of financial position shall comply with each
(a) paragraphs 14-17 and Appendix B prohibit retrospective application of
some aspects of other IFRSs.
(b) Appendices C-E grant exemptions from some requirements of other
Exceptions to the retrospective application of other
13This IFRS prohibits retrospective application of some aspects of other IFRSs.
These exceptions are set out in paragraphs 14-17 and Appendix B.
14An entity's estimates in accordance with IFRSs at the date of transition to IFRSs shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
15An entity may receive information after the date of transition to IFRSs about estimates that it had made under previous GAAP. In accordance with paragraph 14, an entity shall treat the receipt of that information in the same way as non-adjusting events after the reporting period in accordance with IAS 10 Events after the Reporting Period. For example, assume that an entity's date of transition to IFRSs is 1 January 20X4 and new information on 15 July 20X4 requires the revision of an estimate made in accordance with previous GAAP at 31 December 20X3. The entity shall not reflect that new information in its opening IFRS statement of financial position (unless the estimates need adjustment for any differences in accounting policies or there is objective evidence that the estimates were in error). Instead, the entity shall reflect that new information in profit or loss (or, if appropriate, other comprehensive income) for the year ended 31 December 20X4.
16An entity may need to make estimates in accordance with IFRSs at the date of transition to IFRSs that were not required at that date under previous GAAP. To achieve consistency with IAS 10, those estimates in accordance with IFRSs shall reflect conditions that existed at the date of transition to IFRSs. In particular, estimates at the date of transition to IFRSs of market prices, interest rates or foreign exchange rates shall reflect market conditions at that date.
Paragraphs 14-16 apply to the opening IFRS statement of financial position. They also apply to a comparative period presented in an entity's first IFRS
financial statements, in which case the references to the date of transition to IFRSs are replaced by references to the end of that comparative period.
Exemptions from other IFRSs
18 An entity may elect to use one or more of the exemptions contained in
Appendices C-E. An entity shall not apply these exemptions by analogy to other items.
Presentation and disclosure
20This IFRS does not provide exemptions from the presentation and disclosure requirements in other IFRSs.
21An 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.
Non-IFRS comparative information and historical summaries
22Some 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 not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information in
accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being prepared
in accordance with IFRSs; and
(b) disclose the nature of the main adjustments that would make it comply
with IFRSs. An entity need not quantify those adjustments.
Explanation of transition to IFRSs
An entity shall explain how the transition from previous GAAP to IFRSs
affected its reported financial position, financial performance and cash flows.
23An entity that has applied IFRSs in a previous period, as described in paragraph
4A, shall disclose:
(a) the reason it stopped applying IFRSs; and
(b) the reason it is resuming the application of IFRSs.
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