IFRS 1
First-time Adoption of International
Financial Reporting Standards
In April 2001 the International Accounting Standards Board (the Board) adopted SIC-8
First-time Application of IASs as the Primary Basis of Accounting
, which had been issued by the
Standing Interpretations Committee of the International Accounting Standards Committee
in July 1998.
In June 2003 the Board issued IFRS 1
First-time Adoption of International Financial Reporting
Standards
to replace SIC-8.
IAS 1
Presentation of Financial Statements
(as revised in 2007)
amended the terminology used throughout IFRS, including IFRS 1.
The Board restructured IFRS 1 in November 2008.
In December 2010 the Board amended
IFRS 1 to reflect that a first-time adopter would restate past transactions from the date of
transition to IFRS instead of at 1 January 2004.
Since it was issued in 2003, IFRS 1 was amended to accommodate first-time adoption
requirements resulting from new or amended Standards.
IFRS 1 was amended by
Government Loans
(issued March 2012), which added an exception to the retrospective
application of IFRS to require that first time adopters apply the requirements in IFRS 9
Financial Instruments
and IAS 20
Accounting for Government Grants and Disclosure of Government
Assistance
prospectively to government loans existing at the date of transition to IFRS.
Other Standards have made minor amendments to IFRS 1.
They include
Limited Exemption
from Comparative
IFRS 7
Disclosures for First-time Adopters
(Amendments to IFRS 1) (issued
January 2010),
Improvements to IFRSs
(issued May 2010),
Disclosures—Transfers of Financial Assets
(Amendments to IFRS 7) (issued October 2010),
Severe Hyperinflation and Removal of Fixed Dates
for First-time Adopters
(Amendments to IFRS 1) (issued December 2010), IFRS 10
Consolidated
Financial Statements
(issued May 2011), IFRS 11
Joint Arrangements
(issued May 2011), IFRS 13
Fair Value Measurement
(issued May 2011), IAS 19
Employee Benefits
(issued June 2011),
Presentation of Items of Other Comprehensive Income
(Amendments to IAS 1) (issued June 2011),
IFRIC 20
Stripping Costs in the Production Phase of a Surface Mine
(issued October 2011),
Annual
Improvements to IFRSs 2009–2011 Cycle
(issued May 2012),
Consolidated Financial Statements, Joint
Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
(Amendments to
IFRS 10, IFRS 11 and IFRS 12) (issued June 2012),
Investment Entities
(Amendments to IFRS 10,
IFRS 12 and IAS 27) (issued October 2012), IFRS 9
Financial Instruments
(Hedge Accounting and
amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013), IFRS 14
Regulatory Deferral
Accounts
(issued
January
2014),
Accounting
for
Acquisitions
of
Interests
in
Joint
Operations
(Amendments to IFRS 11) (issued May 2014), IFRS 15
Revenue from Contracts with Customers
(issued May 2014), IFRS 9
Financial Instruments
(issued July 2014),
Equity Method in Separate
Financial Statements
(Amendments to IAS 27) (issued August 2014),
Annual Improvements to IFRSs
2012–2014 Cycle
(issued September 2014), IFRS 16
Leases
(issued January 2016),
Annual
Improvements
to
IFRS
®
Standards
2014–2016
Cycle
(issued
December
2016)
and
IFRIC
®
Interpretation
22
Foreign
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