KEY ELEMENTS AND DECISIONS

Paragraph 2.2
Check the amendments to IFRS 1 that apply to your company and their effective dates.
Paragraph 2.4
Plan the transition to IFRSs well ahead. Schedule the accounting steps required and consequences in terms of implementation.
Paragraph 2.5
Review situations that constitute IFRS first-time adoption and those that are not;
Understand the implications of the location of first IFRS financial statements;
Review the consequences for other entities consolidated in the first IFRS financial statements;
Review the consequences for other entities included in a registrant's report;
Designate previous GAAP and what happens when different sets of local accounting standards exist in different contexts;
Understand the differences between the first IFRS financial statements, pro forma financial statements, and post-event financial statements.
Paragraph 2.6
Understand when use of IFRS 1 is prohibited;
Figure out the implications of adopting IFRS 1 at different levels of consolidated financial statements, separate financial statements, and entity's financial statements.
Paragraph 2.7
Understand the meaning of an explicit and unreserved statement of compliance with IFRSs;
Understand the differences in this notion under IFRS 1 and Form 20-F;
Understand the modifications that apply to IFRS for small and medium-sized entities;
Understand what should happen for the first time;
Understand what happens in case the statement ...

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