Join Your Exam WhatsApp group to get regular news, updates & study materials HOW TO JOIN

IFRS 1 First time Adoption of International Financial Reporting Standards.


IFRS 1 First time Adoption of International Financial Reporting Standards.

IFRS 1 First time Adoption of International Financial Reporting Standards.

IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period.

A restructured version of IFRS 1 was issued in November 2008 and applies if an entity’s first IFRS financial statements are for a period beginning on or after 1 July 2009.

History of IFRS 1

DateDevelopmentComments
September 2001Project added to IASB agendaHistory of the project
31 July 2002Exposure Draft ED 1 First-time Application of IFRSs publishedComment deadline 31 October 2002
June 2003IFRS 1 First-time Adoption of IFRSs issuedEffective for the first IFRS financial statements for a period beginning on or after 1 January 2004
30 June 2005Amended by Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IFRS 6 Exploration for and Evaluation of Mineral Resources (more information)A minor amendment to clarify that the exemption in relation to IFRS 6 applies to the recognition and measurement requirements of IFRS 6, as well as the disclosure requirements.
22 May 2008Amended by Amendments to IFRS 1 and IAS 27 — Cost of an Investment in a Subsidiary, Jointly Controlled Entity or AssociateEffective for annual periods beginning on or after 1 January 2009
24 November 2008Restructured version of IFRS 1 issuedEffective if an entity’s first IFRS financial statements are for a period beginning on or after 1 July 2009
23 July 2009Amended by Additional Exemptions for First-time Adopters (Amendments to IFRS 1) (oil and gas assets, leases). Click for more information.Effective for annual periods beginning on or after 1 January 2010
29 January 2010Amended by Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1). Click for more informationEffective for or annual periods beginning on or after 1 July 2010
6 May 2010Amended by Improvements to IFRSs (accounting policies changes, revaluation basis as deemed cost, rate regulation)Effective for annual periods beginning on or after 1 July 2011
20 December 2010Amended by Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendment to IFRS 1). Click for more informationEffective for annual periods beginning on
or after 1 July 2011
13 March 2012Amended by Government Loans (Amendments to IFRS 1). Click for more informationEffective for annual periods beginning on or after 1 January 2013
17 May 2012Amended by Annual Improvements 2009-2011 Cycle (repeat application, borrowing costs). Click for more informationEffective for annual periods beginning on or after 1 January 2013
12 December 2013Amended by Annual Improvements to IFRSs 2011–2013 Cycle (meaning of effective IFRSs). Click for more informationAmendment to basis for conclusions only
cakart

cakart

Click here to download FREE CA CS CMA books.

Leave a comment

Your email address will not be published. Required fields are marked *