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Presentation And Disclosure Of IFRS Standards 1

Presentation And Disclosure Of IFRS Standards 1

Presentation And Disclosure Of IFRS Standards 1 : IFRS does not provide exemptions from the presentation and disclosure requirements in other IFRSs.

An entity’s first IFRS financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information for all statements presented.

Presentation And Disclosure Of IFRS Standards 1

Presentation And Disclosure Of IFRS Standards 1 : Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being prepared in accordance with IFRSs; and
(b) disclose the nature of the main adjustments that would make it comply with IFRSs. An entity need not quantify those adjustments.

An entity shall explain how the transition from previous GAAP to IFRSs affected its reported financial position, financial performance and cash flows.

Presentation And Disclosure Of IFRS Standards 1

Presentation And Disclosure Of IFRS Standards 1 : An entity that has applied IFRSs in a previous period, as described in, shall disclose:

(a) the reason it stopped applying IFRSs; and
(b) the reason it is resuming the application of IFRSs.

When an entity, in accordance with paragraph, does not elect to apply IFRS 1, the entity shall explain the reasons for electing to apply IFRSs as if it had never stopped applying IFRSs.

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, the disclosures 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.

Presentation And Disclosure Of IFRS Standards 1

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Presentation And Disclosure Of IFRS Standards 1

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