Difference between revisions of "IFRS01"

Latest revision as of 22:05, 19 August 2020

IFRS 1 First-time Adoption requires an entity that is adopting International Financial Reporting Standards (IFRS) for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year.

The entity uses the same accounting policies throughout all periods presented in its first IFRS financial statements. Those accounting policies must comply with each Standard effective at the end of its first IFRS reporting period.

IFRS 1 First-time Adoption provides limited exemptions from the requirement to restate prior periods in specified areas in which the cost of complying with them would be likely to exceed the benefits to users of financial statements.

IFRS 1 First-time Adoption is Copyright: IFRS Foundation Discuss Contract Custom Solution

Hierarchy

ID	Name	Level	x
IFRS	International Financial Reporting Standards	0	IFRS
IFRS01	IFRS 1 First-time Adoption	1	IFRS01

IFRS 1 First-time Adoption International Financial Reporting Standards 00001 1 IFRS, Standard, Financial, Reporting, GAAP, Adoption, first-time, Initial :IFRS 1 requires an entity that is adopting IFRS for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year

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−	{{this}} requires an entity that is adopting [[t:IFRS]][[t:IFRS\| (IFRS)]] ~~Standards~~ for the first time to prepare a complete set of financial statements covering its first [[t:IFRS\|IFRS]] reporting period and the preceding year.	+	{{this}} requires an entity that is adopting [[t:IFRS]] [[t:IFRS\|(IFRS)]] for the first time to prepare a complete set of financial statements covering its first [[t:IFRS\|IFRS]] reporting period and the preceding year.

	The entity uses the same accounting policies throughout all periods presented in its first [[t:IFRS\|IFRS]] financial statements. Those accounting policies must comply with each Standard effective at the end of its first [[t:IFRS\|IFRS]] reporting period.		The entity uses the same accounting policies throughout all periods presented in its first [[t:IFRS\|IFRS]] financial statements. Those accounting policies must comply with each Standard effective at the end of its first [[t:IFRS\|IFRS]] reporting period.