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Reconciliations Of IFRS Standards 1

Reconciliations 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.

Reconciliations Of IFRS Standards 1

Reconciliations Of 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.

Reconciliations Of IFRS Standards 1

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Reconciliations Of 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.

Reconciliations Of IFRS Standards 1

Reconciliations Of 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.

Reconciliations Of IFRS Standards 1

Reconciliations Of 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.

Reconciliations Of IFRS Standards 1

Reconciliations 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.

Reconciliations Of IFRS Standards 1

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Reconciliations Of IFRS Standards 1

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