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Opening IFRS Statement Of Financial Position IFRS Standards 1

Opening IFRS Statement Of Financial Position IFRS Standards 1 : An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs.

An entity shall use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the end of its first IFRS reporting period.

Opening IFRS Statement Of Financial Position IFRS Standards 1

Opening IFRS Statement Of Financial Position IFRS Standards 1 An entity shall apply this IFRS in:
(a) its first IFRS financial statements; and
(b) each interim financial report, if any, that it presents in accordance with IAS 34 Interim Financial Reporting for part of the period covered by its first IFRS financial statements.

Opening IFRS Statement Of Financial Position IFRS Standards 1

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Opening IFRS Statement Of Financial Position IFRS Standards 1 :An entity’s first IFRS financial statements are the first annual financial
statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements in accordance with IFRSs are an entity’s first IFRS financial statements if, for example, the entity:
(a) presented its most recent previous financial statements:
(i) in accordance with national requirements that are not consistent with IFRSs in all respects;
(ii) in conformity with IFRSs in all respects, except that the financial statements did not contain an explicit and unreserved statement that they complied with IFRSs;
(iii) containing an explicit statement of compliance with some, but not all, IFRSs;
(iv) in accordance with national requirements inconsistent with IFRSs, using some individual IFRSs to account for items for which national requirements did not exist; or
(v) in accordance with national requirements, with a reconciliation of some amounts to the amounts determined in accordance with IFRSs;

(b) prepared financial statements in accordance with IFRSs for internal use only, without making them available to the entity’s owners or any other external users;
(c) prepared a reporting package in accordance with IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in IAS 1 Presentation of Financial Statements (as revised in 2007); or
(d) did not present financial statements for previous periods.

Opening IFRS Statement Of Financial Position IFRS Standards 1

Opening IFRS Statement Of Financial Position IFRS Standards 1 : This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an entity:
(a) stops presenting financial statements in accordance with national requirements, having previously presented them as well as another set of financial statements that contained an explicit and unreserved
statement of compliance with IFRSs;
(b) presented financial statements in the previous year in accordance with national requirements and those financial statements contained an explicit and unreserved statement of compliance with IFRSs; or
(c) presented financial statements in the previous year that contained an explicit and unreserved statement of compliance with IFRSs, even if the auditors qualified their audit report on those financial statements.

Opening IFRS Statement Of Financial Position IFRS Standards 1

Opening IFRS Statement Of Financial Position IFRS Standards 1 :Notwithstanding the requirements in paragraphs 2 and 3, an entity that has
applied IFRSs in a previous reporting period, but whose most recent previous annual financial statements did not contain an explicit and unreserved statement of compliance with IFRSs, must either apply this IFRS or else apply IFRSs retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as if the entity had never stopped applying IFRSs.

This IFRS does not apply to changes in accounting policies made by an entity that already applies IFRSs. Such changes are the subject of:
(a) requirements on changes in accounting policies in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and
(b) specific transitional requirements in other IFRSs.

Opening IFRS Statement Of Financial Position IFRS Standards 1

Opening IFRS Statement Of Financial Position 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 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
IFRSs.

Opening IFRS Statement Of Financial Position IFRS Standards 1

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Important Note – Preparing for IFRS?
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Opening IFRS Statement Of Financial Position IFRS Standards 1

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