what it means by Explanation Of Transition To IFRSs 1?
Prediction about the marks to get data that can access these forums to have the field industry with online classes. You have to sign up for the form through the accelerate at mobile iv therapy Scottsdale with some of the stock market varsity.
The transition of the IFRSS is the old and new module of the exam. New York Times and Guardian but unofficially journalists were told that their reporting was to blame auto locksmith Another sign of determination to control the message at home and abroad people would love to do.
An entity shall explain how the transition from previous GAAP to IFRSs affected its reported financial position, financial performance and cash flows.
An entity that has applied IFRSs in a previous period, as described in paragraph , 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.
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;
To know more about IFRS please read the following article -> IFRS Details