IFRS 1 requires an entity that is adopting IFRS Standards for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year. The …

IFRS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting …

International Financial Reporting Standard 1: First-time Adoption of International Financial Reporting Standards or IFRS 1 is an international financial reporting standard issued by the …

IFRS 1 was created to help companies transition to IFRS Accounting Standards and provides practical accommodations intended to make first-time adoption cost-effective. It also provides …

A comprehensive source of global accounting news and resources, featuring an extensive collection of information about International Financial Reporting Standards (IFRS), the …

International Financial Reporting Standard 1 First‑time Adoption of International Financial Reporting Standards (IFRS 1) is set out in paragraphs 1⁠–⁠40 and Appendices A⁠–⁠E. All the …

IFRS 1 applies to any interim financial statements for a period covered by those first financial statements that are prepared under IFRSs. Select IFRS accounting policies using either: …