Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1 : An entity is permitted to designate a previously recognised financial asset as a financial asset measured at fair value through profit or loss in accordance with paragraph . The entity shall disclose the fair value of financial assets so designated at the date of designation and their classification and carrying amount in the previous financial statements.

An entity is permitted to designate a previously recognised financial liability as a financial liability at fair value through profit or loss in accordance with paragraph . The entity shall disclose the fair value of financial liabilities so designated at the date of designation and their classification and carrying amount in the previous financial statements.

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1 : If an entity uses fair value in its opening IFRS statement of financial position as deemed cost for an item of property, plant and equipment, an investment property, an intangible asset or a right-of-use asset , the entity’s first IFRS financial statements shall disclose, for each line item in the opening IFRS statement of financial position:
(a) the aggregate of those fair values; and
(b) the aggregate adjustment to the carrying amounts reported under previous GAAP.

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

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Designation Of Financial Assets Or Liabilities Of IFRS Standards 1 : 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, 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.

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1 : If an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening IFRS statement of financial position because of severe hyperinflation, the entity’s first IFRS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that has both of the following characteristics:
(a) a reliable general price index is not available to all entities with transactions and balances in the currency.
(b) exchangeability between the currency and a relatively stable foreign currency does not exist.

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1 : To comply with paragraph , 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.
(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.
(c) if the entity recognised or reversed any impairment losses for the first time in preparing its opening IFRS statement of financial position, thedisclosures that IAS 36 Impairment of Assets would have required if the
entity had recognised those impairment losses or reversals in the period beginning with the date of transition to IFRSs.

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1 : This IFRS establishes two categories of exceptions to the principle that an
entity’s opening IFRS statement of financial position shall comply with each IFRS:
(a) paragraphs  and Appendix prohibit retrospective application of some aspects of other IFRSs.
(b) Appendices grant exemptions from some requirements of other IFRSs.

Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

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Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

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