FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS 1)
1.1 This Standard sets out the procedures that an entity must follow when it adopts International Financial Reporting Standards (IFRS) for the first time as the basis for preparing its general-purpose financial statements.
2. SYNOPSIS OF THE STANDARD
This Standard, which deals with entity’s first IFRS financial statements, is described next.
2.1 An entity is a first-time adopter of IFRS in the year in which it makes an explicit and unreserved statement that its general-purpose financial statements comply with IFRS.
2.1.1 An entity will be considered a first-time adopter in the current year, even if in the preceding year it prepared IFRS financial statements for internal management use and those IFRS financial statements were not made available to owners or external parties, such as investors or creditors. In case for some reason a set of IFRS financial statements was made available to owners or external parties in the preceding year, then the entity would not be considered a first-time adopter in the current year, and this Standard will not apply to it in the current year.
2.1.2 An entity will also be considered a first-time adopter in the current year even if, in the preceding year, its financial statements either asserted compliance with some but not all IFRS or included only a reconciliation of selected figures from previous generally accepted accounting principles (GAAP) to IFRS. ...