The road to IFRS

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