Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Chapter 36FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

1. INTRODUCTION
2. DEFINITIONS OF TERMS
3. FIRST-TIME ADOPTION GUIDANCE
   1. Objective and Scope of IFRS 1
   2. Key Dates
   3. Steps in Transition to IFRS
   4. Selection of Accounting Policies
   5. Opening IFRS Statement of Financial Position
   6. Mandatory Exceptions to the Retrospective Application of Other IFRS
      1. Estimates
      2. Derecognition of nonderivative financial assets and nonderivative financial liabilities (IAS39)
      3. Hedge accounting (IAS 39)
      4. Noncontrolling interests (IFRS 3)
4. OPTIONAL EXEMPTIONS
   1. Business combinations
   2. Share-based payment transactions
   3. Insurance contracts
   4. Deemed cost
   5. Leases
   6. Below market rate government loans
   7. Cumulative translation differences
   8. Investments in subsidiaries, jointly controlled entities and associates
   9. Assets and liabilities of subsidiaries, associates, and joint ventures
   10. Compound financial instruments
   11. Designation of previously recognized financial instruments
   12. Fair value measurement of financial assets or financial liabilities at initial recognition
   13. Decommissioning liabilities included in the cost of property, plant, and equipment
   14. Service concession arrangements
   15. Borrowing costs
   16. Severe hyperinflation
5. PRESENTATION AND DISCLOSURE
   1. 1. Explanation of transition to IFRS
      2. Comparative information
      3. Reconciliations
      4. Other disclosures
      5. Interim reporting
   1. Options With and Within the Accounting Standards
   2. Transition from US GAAP to IFRS: The Case of DaimlerChrysler

INTRODUCTION

When a reporting entity undertakes the preparation ...