International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards

Chapter 5

First-time adoption

1 Introduction

1.1 Objectives of first-time adoption

1.2 First-time adoption under IFRS 1 and recent amendments

1.3 Future developments

2 Who is a first-time adopter?

2.1 The first IFRS financial statements in scope of IFRS 1

2.2 When should IFRS 1 be applied?

2.2.1 Repeat application of IFRS 1

2.2.2 Repeat application of IFRS 1 for SMEs forbidden

2.3 Determining the previous GAAP

2.3.1 Transition to IFRSs from a similar GAAP

3 Opening IFRS statement of financial position

3.1 First-time adoption timeline

3.2 Opening IFRS statement of financial position and accounting policies

3.3 Defined terms

3.4 Fair value and deemed cost

3.5 Transitional provisions in other standards

3.6 Departures from full retrospective application

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 First-time adopters applying IAS 39

4.4 Hedge accounting: prohibition on retrospective application

4.5 Hedge accounting in the opening IFRS statement of financial position

4.5.1 Measurement of derivatives and elimination of deferred gains and losses

4.5.2 Hedge relationships reflected in the opening IFRS statement of financial position

4.5.3 Reflecting cash flow hedges in the opening IFRS statement of financial position

4.5.4 Reflecting fair value hedges in the opening IFRS statement of financial position

4.5.5 Reflecting foreign net investment hedges in the opening IFRS statement of financial ...