International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards

Chapter 5

First-time adoption

1 Introduction

1.1 Background

1.1.1 SIC-8 – First-Time Application of IASs as the Primary Basis of Accounting

1.1.2 The need for IFRS 1

1.1.3 IFRS 1 (as restructured in 2008)

1.1.4 Terminology and references

1.2 Objective

1.3 Scope and definitions

1.3.1 Who is a first-time adopter?

1.3.2 When should IFRS 1 be applied?

1.3.2.A Repeat application of IFRS 1

1.3.3 Defined terms

1.3.3.A Determining the previous GAAP

1.3.3.B Transition to IFRSs from a similar GAAP

1.3.3.C A case against a practical expedient

1.3.4 Defined terms: First-time adoption timeline

1.3.5 Defined terms: Fair value and deemed cost

2 Effective Date

2.1 First-time adoption under IFRS 1 (as restructured in 2008), as amended

2.1.1 Recent amendments to IFRS 1

3 Recognition and Measurement

3.1 Opening IFRS statement of financial position and accounting policies

3.2 Transitional provisions in other standards

3.3 Departures from full retrospective application

3.3.1 Exceptions to retrospective application of other IFRS

3.3.2 Exemptions from other IFRS

4 Exceptions to Retrospective Application of Other IFRSs

4.1 Introduction

4.2 Estimates

4.3 Derecognition of financial assets and liabilities

4.3.1 Effective date for restatement of transactions

4.3.2 First-time adopters applying IAS 39

4.4 Hedge accounting

4.4.1 Hedge accounting: prohibition on retrospective application

4.4.2 Hedge accounting: opening IFRS statement of financial position

4.4.2.A Measurement of derivatives and elimination of ...