ASSIGNMENT

ON
IFRS1-FIRST TIME ADOPTION OF IFRS

SUBMITTED TO: SUBMITTED BY:

DR.ASHWANI BHALLA PRABHJEET KAUR
ROLL NO-5801
MCOM1st
(GENERAL)
GENESIS
IFRS 1 First-time Adoption of International Financial
Reporting Standards sets out the procedures that an
entity must follow when it adopts IFRSs for the first time
as the basis for preparing its general purpose financial
statements.
Note: An entity that conducts rate-regulated activities
and has recognised amounts in its previous GAAP
financial statements that meet the definition of
'regulatory deferral account balances' (sometimes
referred to 'regulatory assets' and 'regulatory liabilities')
can optionally apply IFRS 14 Regulatory Deferral
Accounts in addition to IFRS 1. An entity that elects to
apply IFRS 14 in its first IFRS financial statements must
continue to apply it in subsequent financial statements.
A first-time adopter is an entity that, for the first time,
makes an explicit and unreserved statement that its
general purpose financial statements comply with IFRSs.
[IFRS 1.3]
An entity may be a first-time adopter if, in the preceding
year, it prepared IFRS financial statements for internal
management use, as long as those IFRS financial
statements were not made available to owners or
external parties such as investors or creditors. If a set of
IFRS financial statements was, for any reason, made
available to owners or external parties in the preceding
year, then the entity will already be considered to be on
IFRSs, and IFRS 1 does not apply. [IFRS 1.3]
An entity can also be a first-time adopter if, in the
preceding year, its financial statements: [IFRS 1.3]
 asserted compliance with some but not all IFRSs, or
 included only a reconciliation of selected figures
from previous GAAP to IFRSs. (Previous GAAP means
the GAAP that an entity followed immediately
before adopting to IFRSs.)
However, an entity is not a first-time adopter if, in the
preceding year, its financial statements asserted:
 Compliance with IFRSs even if the auditor's report
contained a qualification with respect to conformity
with IFRSs.
  Compliance with both previous GAAP and IFRSs.
An entity that 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 can choose to:
 apply the requirements of IFRS 1 (including the
various permitted exemptions to full retrospective
application), or
 retrospectively apply IFRSs in accordance with IAS
8 Accounting Policies, Changes in Accounting
Estimates and Errors, as if it never stopped applying
IFRSs. [IFRS 1.4A]
INTRODUCTION

In November 2009, Deloitte's IFRS Global Office

published a revised Guide to IFRS 1 First-time
Adoption of International Financial Reporting
Standards. The guide was first published in
2004 with the aim of providing first-time
adopters with helpful insights for the
application of IFRS 1. This second edition has
the same objective. We have updated the
content to reflect the lessons learned from the
first major wave of IFRS adoption in 2005, as
well as for the changes to IFRS 1 since 2004. We
have structured the guide to provide users with
 an accessible reference manual:
An executive summary explains the most
important features of IFRS 1;
Section 2 provides an overview of the
requirements of the Standard;
Sections 3 and 4 cover the specific
exceptions and exemptions from IFRS 1's
general principle of retrospective application of
IFRSs, focusing on key implementation issues;
Section 5 addresses other components of
financial statements where implementation
issues frequently arise in practice;
Section 6 sets out Q&As dealing with
specific fact patterns that users may encounter
in practice; and
Section 7 discusses some of the practical
implementation decisions faced by first-time
adopters
IFRS 1 First-time Adoption of International
Financial Reporting Standards sets out the
procedures that an entity must follow when it
adopts IFRSs for the first time as the basis for
preparing its general purpose financial
statements. The IFRS grants limited exemptions
from the general requirement to comply with
each IFRS effective at the end of its first IFRS
reporting period.
A restructured version of IFRS 1 was issued in
November 2008 and applies if an entity's first
IFRS financial statements are for a period b
How to recognise adjustments required to
remove from previous GAAP to
IFRS.Adjustments required to move from
previous GAAP to IFRSs at the date of transition
should be recognised directly in retained
earnings or, if appropriate, another category of
equity at the date of transition to IFRSs. [IFRS
1.11]
Estimates

In preparing IFRS estimates at the date of

transition to IFRSs retrospectively, the entity
must use the inputs and assumptions that had
been used to determine previous GAAP
estimates as of that date (after adjustments to
reflect any differences in accounting policies).
The entity is not permitted to use information
that became available only after the previous
GAAP estimates were made except to correct
an error. [IFRS 1.14]
Changes to disclosures

For many entities, new areas of disclosure will

be added that were not requirements under
the previous GAAP (perhaps segment
information, earnings per share, discontinuing
operations, contingencies and fair values of all
financial instruments) and disclosures that had
been required under previous GAAP will be
broadened (perhaps related party disclosures).
Disclosure of selected financial data for periods
before the first IFRS statement of financial
position
If a first-time adopter wants to disclose
selected financial information for periods
before the date of the opening IFRS statement
of financial position, it is not required to
conform that information to IFRS. Conforming
that earlier selected financial information to
IFRSs is optional.[IFRS 1.22]
 OBJECTIVES OF IFRS-1

The objective of IFRS 1 is to make sure that a

reporting entity who adopts IFRS as its financial
reporting basis prepares financial statements
that:
 are transparent for users and comparable
over all the periods presented;
 provides a suitable starting point for
reporting under IFRS; and
 can be generated at a cost that does not
exceed benefits to users.
An entity who chooses IFRS as its financial
reporting basis must prepare an opening
balance sheet (statement of financial position)
at the date of transition to IFRS. The transition
date is the start of the earliest period for which
comparative information is provided. In
preparing its opening balance sheet (statement
of financial position), a reporting entity must;
(a) recognise all IFRS assets and liabilities
b) not recognise assets and liabilities not
permitted by IFRS
(c) classify assets and liabilities by IFRS
(d) apply IFRS in measuring all recognised
assets and liabilities.
Exemptions

IFRS 1 grants limited exemptions in certain

areas where the costs of complying with the
requirements would outweigh the benefits to
the users of financial statements. A summary of
these exemptions are:
· first time adopters will not have to comply
with the requirements in IAS 32 ‘Financial
Instruments: Presentation’ and IAS 39 ‘Financial
Instruments: Recognition and Measurement’ in
their comparative financial statements. E
Entities taking advantage of this exemption will,
however, have to show a reconciliation of the
amounts in the closing balance sheet
(statement of financial position) as at the year
end to the opening IFRS balance sheet
(statement of financial position).
 Property, plant and equipment: local GAAP
Can be used as deemed cost for IFRS.

 Business combinations: test for recognition

and impairment of goodwill – there is no
need to re-assess the basis of accounting.
 Where an entity provides employee benefits
that fall under the provisions of IAS 19
‘Employee Benefits’, an entity adopting
 IFRS for the first time can either recognise
the deficit or surplus in full at the transition
date or apply
 Where estimates are used under local
GAAP, these can be used in IFRS, except
where there is an obvious error.
ARTICLES ON IFRS-1 :

Accounting choices under IFRS 1: Analysis and

determinants
31st European Accounting Association Annual
Congress
23-25 April 2008, Rotterdam
Anne JENY-CAZAVAN and Thomas JEANJEAN
ESSEC Business School
Abstract

To facilitate comparability between financial

statements, IFRS 1 requires first-time adopters
to present at least one year of comparative
financial statements, which must be adjusted
for full compliance with IFRS. However,
some adjustments are mandatory while others
are optional. In this paper we investigate the
choices made by French listed firms (SBF 120
index) in preparing their comparative financial
information. We show that the impact of the
transition to IFRS on the key figures is fairly
limited, but this apparent stability is in fact due
to firms’ accounting choices, and the use of
IFRS 1 options to offset the effects of
mandatory adjustments. French firms use
optional exemptions to minimize the gap
between equity under French GAAP and equity
under IFRS, and to mask their leverages.
Scope

The requirements of this standard are

applicable to the first annual IFRS financial
statements and interim financial reports of an
entity. The financial statements of the entity as
per IFRSs will be treated as its first IFRS
financial statements if it has prepared most
recent financial statement:
 In accordance with national GAAPs which
are not consistent with all IFRSs in all
respects
 In accordance with the requirements of all
IFRSs but without giving the explicit and
unreserved statement of compliance with
all IFRSs
 In accordance with the requirements of all IFRSs
but for internal use only and these were not
available to owners or external users
 Which do not constitute to a complete set of
financial statements as required by IAS 1
Presentation of Financial Statements


In accordance with national requirements

 The financial statements of an entity which
has presented the financial statements in
 the previous year in accordance with
national requirements and those financial
statements contained anexplicit and
unreserved statement of compliance with
IFRSs
 The financial statements of an entity which
has presented the financial statements in
the previous year and those financial
statements contained an explicit and
unreserved statement of compliance with
IFRSs even if auditor has qualified the
report on those financial statement
 The financial statements of an entity which
has presented the financial statements in
the previous years in accordance with
national requirements along with a
separate set of financial statements
containing an explicit and unreserved.
  statement of compliance with IFRSs and in the
current year entity has ceased preparing the
financial statement as per national requirements
and will only present financial statements
containing an explicit and unreserved statement
of compliance with IFRSs


This standard requires an entity to prepare and

present an opening statement of financial position at
the date of transition to IFRSs in accordance with all
IFRSs and this will be the beginning point for the
application of IFRSs.
For example, if an entity wishes to apply IFRSs to its
financial statements for the first time in the year
ended 31 December 2010, the date of transition to
IFRSs will be the beginning of the comparative year
i.e. 1 January 2009. On this date, the entity is
required to prepare an opening IFRS statement of
financial position and this will be the beginning point
for the application of IFRSs.
 The entity selects and applies the accounting

policies in accordance with the IFRSs effective

at the end of first IFRS reporting period and use
those accounting policies consistently in the
opening IFRS statement of financial position and
other periods presented in its first financial
statements as per IFRSs
 The entity should recognize the assets and
liabilities at the date of transition in accordance
with the requirements of IFRSs effective at the
end of first IFRS reporting period such as certain
items may have not been recognized previously
under GAAPs such as deferred tax or provisions
 The entity should de-recognize the assets and
liabilities at the date of transition to IFRSs which
do not qualify for recognition as per the
requirements of IFRSs effective at the end of
first IFRS reporting period such as capitalization
of research cost under previous GAAPs
 The entity should measure all assets and
liabilities at the date of transition in accordance
with the requirements of IFRSs effective at the
end of first IFRS reporting period
 The entity may reclassify the assets or liabilities
at the date of transition in accordance with the
requirements of IFRSs effective at the end of
first IFRS reporting period such as convertible
instrument may need to be split between equity
and liability component
 The resulting effects of adjustments will be
adjusted in retained earnings at the date of
transition to IFRSs
It applies IFRS 3 Business Combination for the first time
in respect of its past business combination, it requires
retrospective application of the IFRS 3 to all the past
business combinations however, IFRS 1 allows exemption
to the first time adopter in respect of its all the past
business combination before adoption of IFRSs as
follows:
 It permits an entity to retain the previous
classification of its past business combination such
as determination of acquirer and acquiree
 The entity will recognize the assets and liabilities
assumed in the past business combination which
qualify for recognition as per the IFRSs at the date of
transition at the their respective values on the date
of acquisition and there is no requirement to
remeasure the fair values of these assets or liabilities
 The goodwill relating to the business acquired
calculated under the previous GAAPs will not be
changed except due to:
The recognition of a particular asset of acquiree if the
entity had not recognized such asset of acquiree
acquired in the business combination and it qualifies for
recognition under IFRSs
The de-recognition of a particular asset of acquiree if the
entity had recognized such asset of acquiree acquired in
the business combination and it does not qualify for
recognition under IFRSs
2. Share Based Payment
The entity may claim exemption in respect of its share
based payments as follows:
 The entity is encouraged but not required to apply
IFRS 2 Share Based Payments to the shared base
equity settled arrangements which were granted
before November 7, 2002
 The entity is encouraged but not required to apply
IFRS 2 Share Based Payments to the shared base
equity settled arrangements which were granted
after November 7, 2002 and were settled before the
date of transition to IFRS or January 1, 2005 if it is
later
 The entity is encouraged but not required to apply
IFRS 2 Share Based Payments to the share based
 cash settled arrangements which were settled
before the date of transition to IFRS or January 1,
2005 if it is later
3. Exchange Differences
The entity will not recognized any exchange gain or
losses relating to the foreign operation on the date of
transition to IFRSs these will be assumed to be nil at the
date of transition. The entity will account for fresh
exchange gain and losses onward from the date of
transition which will be covered as per the requirements
of IAS 21 The Effects of Changes in Exchange Rates
4. Deemed Cost
The entity can measure the property, plant and
equipment, intangible asset, and investment property at
deemed cost on the date of transition.The deemed cost
may be taken as either:
 Fair value at the date of transition or
 Revalued amount under previous GAAPs on or
before the date of transition
5. Investment in Subsidiary, Associate and Joint Venture
The entity may elect to measure its investment on
subsidiary, associate and joint venture either at:
 Cost as per IAS 27 Separate Financial Statements or
 Deemed cost as mentioned above
6. Borrowing Costs
The entity will apply the requirements of IAS 23
Borrowing Costs in respect of the borrowing costs which
will incur on or after the date of transition to IFRSs and it
will not restate the borrowing cost accounted for under
the previous GAAPs before the date of transition to IFRSs
Adoption of IFRSs by Subsidiary, Associate or Joint
Venture
If the subsidiary, associate or joint venture adopts IFRSs
later than its parent then the assets and liabilities of
subsidiary, associate or joint venture will be measured at
either:
 The values of assets and liabilities at the Parent’s
date of transition to IFRSs or
 The values of assets and liabilities at the date of
transition to IFRSs of the subsidiary, associate or
joint venture.
BROAD COVERAGE -BASIC ELEMENTS

It recognise adjustments required to move from

previous GAAP to IFRSs
Adjustments required to move from previous GAAP to
IFRSs at the date of transition should be recognised
directly in retained earnings or, if appropriate, another
category of equity at the date of transition to IFRSs. [IFRS
1.11]
Estimates
In preparing IFRS estimates at the date of transition to
IFRSs retrospectively, the entity must use the inputs and
assumptions that had been used to determine previous
GAAP estimates as of that date (after adjustments to
reflect any differences in accounting policies). The entity
is not permitted to use information that became
available only after the previous GAAP estimates were
made except to correct an error. [IFRS 1.14]
Changes to disclosures
For many entities, new areas of disclosure will be added
that were not requirements under the previous GAAP
(perhaps segment information, earnings per share,
discontinuing operations, contingencies and fair values of
all financial instruments) and disclosures that had been
required under previous GAAP will be broadened
(perhaps related party disclosures).
Disclosure of selected financial data for periods before
the first IFRS statement of financial position
If a first-time adopter wants to disclose selected financial
information for periods before the date of the opening
IFRS statement of financial position, it is not required to
conform that information to IFRS. Conforming that
earlier selected financial information to IFRSs is
optional.[IFRS 1.22]
If the entity elects to present the earlier selected
financial information based on its previous GAAP rather
than IFRS, it must prominently label that earlier
information as not complying with IFRS and, further, it
must disclose the nature of the main adjustments that
would make that information comply with IFRS. This
latter disclosure is narrative and not necessarily
quantified.[IFRS 1.22]
Disclosures in the financial statements of a first-time
adopter
IFRS 1 requires disclosures that explain how the
transition from previous GAAP to IFRS affected the
entity's reported financial position, financial performance
and cash flows. [IFRS 1.23] This includes:
1. reconciliations of equity reported under previous
GAAP to equity under IFRS both (a) at the date of
transition to IFRSs and (b) the end of the last annual
period reported under the previous GAAP. [IFRS
1.24(a)] (For an entity adopting IFRSs for the first
time in its 31 December 2014 financial statements,
the reconciliations would be as of 1 January 2013
and 31 December 2013.)
2. reconciliations of total comprehensive income for
the last annual period reported under the previous
GAAP to total comprehensive income under IFRSs
for the same period [IFRS 1.24(b)]
 3. explanation of material adjustments that were
made, in adopting IFRSs for the first time, to the
statement of financial position, statement of
comprehensive income and statement of cash flows
(the latter if presented under previous GAAP) [IFRS
1.25]
4. if errors in previous GAAP financial statements were
discovered in the course of transition to IFRSs, those
must be separately disclosed [IFRS 1.26]
5. if the entity recognised or reversed any impairment
losses in preparing its opening IFRS statement of
financial position, these must be disclosed [IFRS
1.24(c)]
6. appropriate explanations if the entity has elected to
apply any of the specific recognition and
measurement exemptions permitted under IFRS 1 –
for instance, if it used fair values as deemed cost
Disclosures in interim financial reports

If an entity is going to adopt IFRSs for the first time in its

annual financial statements for the year ended 31
December 2014, certain disclosure are required in its
interim financial statements prior to the 31 December
2014 statements, but only if those interim financial
statements purport to comply with IAS 34 Interim
Financial Reporting. Explanatory information and a
reconciliation are required in the interim report that
immediately precedes the first set of IFRS annual
financial statements. The information includes
reconciliations between IFRS and previous GAAP. [IFRS
1.32]
Exceptions to the retrospective application of other IFRSs
Prior to 1 January 2010, there were three exceptions to
the general principle of retrospective application. On 23
July 2009, IFRS 1 was amended, effective 1 January 2010,
to add two additional exceptions with the goal of further
simplifying the transition to IFRSs for first-time adopters.
The five exceptions are: [IFRS 1.Appendix B] ional
exemptions from the basic measurement principle in
IFRS 1
There are some further optional exemptions to the
general restatement and measurement principles set out
above. The following exceptions are individually optional.
They relate to:
 business combinations [IFRS 1.Appendix C]
 and a number of others [IFRS 1.Appendix D]:
o share-based payment transactions
o insurance contracts
o fair value, previous carrying amount, or
revaluation as deemed cost
o leases
o cumulative translation differences
o investments in subsidiaries, jointly controlled
entities, associates and joint ventures
assets and liabilities of subsidiaries, associated
and joint ventures
o compound financial instruments
o designation of previously recognised financial
instruments
 o fair value measurement of financial assets or
financial liabilities at initial recognition
o decommissioning liabilities included in the cost
of property, plant and equipment
o financial assets or intangible assets accounted
for in accordance with IFRIC 12 Service
Concession Arrangements
o borrowing costs
o transfers of assets from customers
o extinguishing financial liabilities with equity
instruments
o severe hyperinflation
o joint arrangements
o stripping costs in the production phase of a
surface mine
Some, but not all, of them are described below.
Business combinations that occurred before opening
statement of financial position date
IFRS 1 includes Appendix C explaining how a first-time
adopter should account for business combinations that
occurred prior to transition to IFRS.
An entity may keep the original previous GAAP
accounting, that is, not restate:
 previous mergers or goodwill written-off from
reserves

 the carrying amounts of assets and liabilities

recognised at the date of acquisition or merger, or

 how goodwill was initially determined (do not adjust

the purchase price allocation on acquisition)
However, should it wish to do so, an entity can elect to
restate all business combinations starting from a date it
selects prior to the opening statement of financial
position date.
In all cases, the entity must make an initial IAS
36 impairment test of any remaining goodwill in the
opening IFRS statement of financial position, after
reclassifying, as appropriate, previous GAAP intangibles
to goodwill.
The exemption for business combinations also applies to
acquisitions of investments in associates, interests in
joint ventures and interests in a joint operation when the
operation constitutes a business.
Deemed cost
Assets carried at cost (e.g. property, plant and
equipment) may be measured at their fair value at the
date of transition to IFRSs. Fair value becomes the
'deemed cost' going forward under the IFRS cost model.
Deemed cost is an amount used as a surrogate for cost or
depreciated cost at a given date. [IFRS 1.D6]
If, before the date of its first IFRS statement of financial
position, the entity had revalued any of these assets
under its previous GAAP either to fair value or to a price-
index-adjusted cost, that previous GAAP revalued
amount at the date of the revaluation can become the
deemed cost of the asset under IFRS. [IFRS 1.D6]
If, before the date of its first IFRS statement of financial
position, the entity had made a one-time revaluation of
assets or liabilities to fair value because of a privatisation
or initial public offering, and the revalued amount
became deemed cost under the previous GAAP, that
amount would continue to be deemed cost after the
initial adoption of IFRS. [IFRS 1.D8]
This option applies to intangible assets only if an active
market exists. [IFRS 1.D7]
If the carrying amount of property, plant and equipment
or intangible assets that are used in rate-regulated
activities includes amounts under previous GAAP that do
not qualify for capitalisation in accordance with IFRSs, a
first-time adopter may elect to use the previous GAAP
carrying amount of such items as deemed cost on the
initial adoption of IFRSs. [IFRS 1.D8B]
Eligible entities subject to rate-regulation may also
optionally apply IFRS 14 Regulatory Deferral Accounts on
transition to IFRSs, and in subsequent financial
statements.
DISCUSSION AND ANALYSIS OF KEY ISSUES

Assets and liabilities of subsidiaries, associates and joint

ventures: different IFRS adoption dates of investor and
investee
If a subsidiary becomes a first-time adopter later than its
parent, IFRS 1 permits a choice between two
measurement bases in the subsidiary's separate financial
statements. In this case, a subsidiary should measure its
assets and liabilities as either: [IFRS 1.D16]
 the carrying amount that would be included in the
parent's consolidated financial statements, based on
the parent's date of transition to IFRSs, if no
adjustments were made for consolidation
procedures and for the effects of the business
combination in which the parent acquired the
subsidiary or
  the carrying amounts required by IFRS 1 based on
the subsidiary's date of transition to IFRSs
A similar election is available to an associate or joint
venture that becomes a first-time adopter later than an
entity that has significant influence or joint control over
it. [IFRS 1.D16]
If a parent becomes a first-time adopter later than its
subsidiary, the parent should in its consolidated financial
statements, measure the assets and liabilities of the
subsidiary at the same carrying amount as in the
separate financial statements of the subsidiary, after
adjusting f or consolidation adjustments and for the
effects of the business combination in which the parent
acquired the subsidiary. The same approach applies in
the case of associates and joint ventures. [IFRS 1.D17].
IFRS 1 requires entities to explain the effect of the
transition to IFRS on their financial position, financial
performance, and cash flows. For example, it requires
entities to present certain reconciliations between
accounting amounts under the previous GAAP and that
under IFRS.[1]
An entity is permitted to use the fair value of an item
of property, plant and equipment at the date of
transition to IFRSs as its deemed cost at that date. If it
does so, the entity is required to disclose the aggregate
of these fair values and aggregate adjustments from the
previous GAAP.[1]
Additionally, interim financial reports covering part of
the period of the first IFRS financial statement are also
required include reconciliations from the previous GAAP,
among other requirements.[1]
SUMMARY AND CONCLUSION:

summary of IFRS 1: First-time Adoption of International

Financial Reporting Standard. The summary here is
structure the same to full IFRS. It starts from Objective,
Scope, Recommendation, and Measurement, and ended
with Presentation and Disclosure.
The summary of IFRS 1 First-time Adoption of
International Financial Reporting Standard is just for your
information and quick check only. In case you want to
apply to your company, the full standard is
recommended. For comprehensive information entity
should prepare:
 Three Statements of Financial Position
 Two Statements of Profit and Loss
 Two Statements of Statement of Cash Flow
  Two Statements of Change in Equity
 Noted to Financial Statements
 All Statements are required comparative information
b) For a reconciliation of equity reported under previous
accounting framework to equity under IFRSs:
 At the date of transition to IFRSs
 At the end of the latest period presented in the
entity’s most recent annual financial statements
under previous GAAP.
c) For a reconciliation of total comprehensive income
reported under previous accounting:
 The framework to total comprehensive income
under IFRSs for the entity’s most recent annual
 Financial statements under previous accounting
framework
d) Interim financial reports Error under previous GAAP
and Additional disclosure should clearly stated and
present in the report.
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https://www.charteredclub.com/first-time-
adoption-of-ifrs/
https://www.cpdbox.com/ias-1-presentation-of-
financial-statements/
 https://www.cpaaustralia.com.au/-

/media/corporate/allfiles/document/professional-
resources/ifrs-factsheets/factsheet-ias1-
presentation-of-financial-
statements.pdf?la=en&rev=8f30ae488e284955a849
79c3c8e0639f
https://www.icaew.com/library/subject-
gateways/accounting-standards/ifrs/ias-01
ABBREVATIONS :

International Accounting Standards Board (IASB)

International Accounting Standards (IAS)
International Accounting Standards Committee (IASC)
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP)
International Accounting Standard 1(IAS1)
International Financial Reporting Standard (IFRS)