IFRS1_06 - IFRS 1 International Financial Reporting...

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IFRS 1 © IASCF 55 International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards This version includes amendments resulting from the following amendments issued in 2004: IFRICs 1 and 4; IFRS 6; Amendment to IAS 19 Employee Benefits —Actuarial Gains and Losses, Group Plans and Disclosures ; Amendment to IAS 39 Financial Instruments: Recognition and Measurement —Transition and Initial Recognition of Financial Assets and Financial Liabilities . This version also includes an amendment issued on 30 June 2005.
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IFRS 1 56 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN7 INTERNATIONAL FINANCIAL REPORTING STANDARD 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS OBJECTIVE 1 SCOPE 2–5 RECOGNITION AND MEASUREMENT 6–34B Opening IFRS balance sheet 6 Accounting policies 7–12 Exemptions from other IFRSs 13–25G Business combinations 15 Fair value or revaluation as deemed cost 16–19 Employee benefits 20–20A Cumulative translation differences 21–22 Compound financial instruments 23 Assets and liabilities of subsidiaries, associates and joint ventures 24–25 Designation of previously recognised financial instruments 25A Share-based payment transactions 25B–25C Insurance contracts 25D Changes in existing decommissioning, restoration and similar liabilities included in the cost of property, plant and equipment 25E Leases 25F Fair value measurement of financial assets or financial liabilities 25G Exceptions to retrospective application of other IFRSs 26–34B Derecognition of financial assets and financial liabilities 27–27A Hedge accounting 28–30 Estimates 31–34 Assets classified as held for sale and discontinued operations 34A–34B PRESENTATION AND DISCLOSURE 35–46 Comparative information 36–37 Exemption from the requirement to restate comparative information for IAS 39 and IFRS 4 36A Exemption from the requirement to present comparative information for IFRS 6 36B Exemption from the requirement to provide comparative disclosures for IFRS 7 36C Historical summaries 37 Explanation of transition to IFRSs 38–46 Reconciliations 39–43 Designation of financial assets or financial liabilities 43A
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IFRS 1 © IASCF 57 Use of fair value as deemed cost 44 Interim financial reports 45–46 EFFECTIVE DATE 47–47E APPENDICES A Defined terms B Business combinations C Amendments to other IFRSs APPROVAL OF IFRS 1 BY THE BOARD APPROVAL OF AMENDMENTS TO IFRS 1 AND IFRS 6 BY THE BOARD BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE
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IFRS 1 58 © IASCF International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) is set out in paragraphs 1–47E and Appendices A–C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IFRS1_06 - IFRS 1 International Financial Reporting...

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