Reconciliations

To comply with paragraph 23, an entity's first IFRS financial statements shall

include:

(a)       reconciliations of its equity reported in accordance with previous GAAP

to its equity in accordance with IFRSs for both of the following dates:

(i)  the date of transition to IFRSs; and

(ii)   the end of the latest period presented in the entity's most recent

annual financial statements in accordance with previous GAAP.

(c)

(b)a reconciliation to its total comprehensive income in accordance with

IFRSs for the latest period in the entity's most recent annual financial statements. The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for the same period or, if an entity did not report such a total, profit or loss under previous GAAP.

if the entity recognised or reversed any impairment losses for the first

time in preparing its opening IFRS statement of financial position, the disclosures that IAS 36 Impairment of Assets would have required if the

(c)entity had recognised those impairment losses or reversals in the period beginning with the date of transition to IFRSs.

25The reconciliations required by paragraph 24(a) and (b) shall give sufficient detail to enable users to understand the material adjustments to the statement of financial position and statement of comprehensive income. If an entity presented a statement of cash flows under its previous GAAP, it shall also explain the material adjustments to the statement of cash flows.

26If an entity becomes aware of errors made under previous GAAP, the reconciliations required by paragraph 24(a) and (b) shall distinguish the correction of those errors from changes in accounting policies.

27IAS 8 does not apply to the changes in accounting policies an entity makes when it adopts IFRSs or to changes in those policies until after it presents its first IFRS financial statements. Therefore, IAS 8's requirements about changes in

accounting policies do not apply in an entity's first IFRS financial statements.

If during the period covered by its first IFRS financial statements an entity changes its accounting policies or its use of the exemptions contained in this IFRS, it shall explain the changes between its first IFRS interim financial report and its first IFRS financial statements, in accordance with paragraph 23, and it shall update the reconciliations required by paragraph 24(a) and (b).

28If an entity did not present financial statements for previous periods, its first IFRS financial statements shall disclose that fact.

Designation of financial assets or financial liabilities

 29  the aggregate of those fair values; and

 30  the aggregate adjustment to the carrying amounts reported under

previous GAAP.

Use of deemed cost for investments in subsidiaries, joint ventures

and associates

31Similarly, if an entity uses a deemed cost in its opening IFRS statement of financial position for an investment in a subsidiary, joint venture or associate in its separate financial statements (see paragraph D15), the entity's first IFRS

separate financial statements shall disclose:

(a)the aggregate deemed cost of those investments for which deemed cost is

their previous GAAP carrying amount;

(b)the aggregate deemed cost of those investments for which deemed cost is

fair value; and

(c)the aggregate adjustment to the carrying amounts reported under

previous GAAP.

Use of deemed cost for oil and gas assets

31AIf an entity uses the exemption in paragraph D8A(b) for oil and gas assets, it shall disclose that fact and the basis on which carrying amounts determined under previous GAAP were allocated.

Use of deemed cost for operations subject to rate regulation

31BIf an entity uses the exemption in paragraph D8B for operations subject to rate regulation, it shall disclose that fact and the basis on which carrying amounts were determined under previous GAAP.