IFRS

The road to IFRS

Andrew Archer Andrew Archer

The road to IFRS – a practical guide to IFRS 1 and first-time adoption

The guide has been written to assist in applying  IFRS 1, which covers the application of IFRSs in a company’s first IFRS financial statements. The guide is organised as follows

  • the scope and objectives of IFRS 1 and summarises its main principles
  • the implications of preparing an IFRS opening statement of financial position, focusing on recognition and measurement principles (IFRS accounting policies) and the date of transition
  • the exemptions to full retrospective application of IFRSs illustrating the practical implications with several examples
  • the presentation and disclosure requirements of IFRS 1
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