IFRS1 International Financial Reporting Standard1
First-time Adoption of International Financial Reporting Standards
学会解决问题In April2001the International Accounting Standards Board(IASB)adopted SIC-8First-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 July1998.
In June2003the IASB issued IFRS1First-time Adoption of International Financial Reporting Standards to replace SIC-8.IAS1Prentation of Financial Statements(as revid in2007) amended the terminology ud throughout IFRSs,including IFRS1.
The IASB restructured IFRS1in November2008.In December2010the IASB amended IFRS1to reflect that a first-time adopter would restate past transactions from the date of transition to IFRS instead of at1January2004.
煞费苦心的意思Since it was issued in2003,IFRS1was amended to accommodate first-time adoption requirements resulting from new or amended IFRSs.IFRS1was recently amended by Government Loans(issued March2012),which added an exception to the retrospective application of IFRS to require that first time
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adopters apply the requirements in IFRS9 Financial Instruments and IAS20Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans existing at the date of transition to IFRS.IFRS1 was also amended as a result of amendments to IFRS11made by Consolidated Financial Statements,Joint Arrangements and Disclosure of Interests in Other Entities:Transition Guidance (Amendments to IFRS10,IFRS11and IFRS12)(issued June2012).The amendment to IFRS1 added an exception that requires a first-time adopter to apply the transition provisions in IFRS11at the date of transition to IFRS.
Other IFRSs have made minor conquential amendments to IFRS1.They include IFRIC18 Transfers of Asts from Customers(issued January2009),Additional Exemptions for First-time Adopters(Amendments to IFRS1)(issued July2009),IFRIC19Extinguishing Financial Liabilities with Equity Instrument(issued November2009),Limited Exemption from Comparative IFRS7 Disclosures for First-time Adopters(Amendments to IFRS1)(issued January2010),Improvements to IFRSs(issued May2010),Disclosures—Transfers of Financial Asts(Amendments to IFRS7)(issued October2010),IFRS10Consolidated Financial Statements(issued May2011),IFRS11Joint Arrangements(issued May2011),IFRS13Fair Value Measurement(issued May2011),IAS19 Employee Benefits(issued June2011),Prentation of Items of Other Comprehensive Income (Amendments to I
AS1)(issued June2011),IFRIC20Stripping Costs in the Production Pha of a Surface Mine(issued October2011),Annual Improvements to IFRSs2009–2011Cycle(issued May 2012),Investment Entities(Amendments to IFRS10,IFRS12and IAS27)(issued October2012), IFRS9Financial Instruments(Hedge Accounting and amendments to IFRS9,IFRS7and IAS39) (issued November2013)and Annual Improvements to IFRSs2011–2013Cycle(issued December 2013).
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IFRS1
C ONTENTS
from paragraph INTRODUCTION IN1 INTERNATIONAL FINANCIAL REPORTING STANDARD1
FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL
REPORTING STANDARDS
OBJECTIVE1 SCOPE2 RECOGNITION AND MEASUREMENT6 Opening IFRS statement of financial position6 Accounting policies7 Exceptions to the retrospective application of other IFRSs13
Estimates14 Exemptions from other IFRSs18 PRESENTATION AND DISCLOSURE20 Comparative information21 Non-IFRS comparative information and historical summaries22 Explanation of transition to IFRSs23 Reconciliations24 Designation of financial asts or financial liabilities29 U of fair value as deemed cost30 U of deemed cost for investments in subsidiaries,joint ventures and
associates31 U of deemed cost for oil and gas asts31A U of deemed cost for operations subject to rate regulation31B U of deemed cost after vere hyperinflation31C Interim financial reports32 EFFECTIVE DATE34 WITHDRAWAL OF IFRS1(ISSUED2003)40 APPENDICES肠炎吃什么药
A Defined terms
B Exceptions to the retrospective application of other IFRSs
C Exemptions for business combinations
D Exemptions from other IFRSs
E Short-term exemptions from IFRSs
FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW,SEE PART B OF THIS EDITION
APPROVAL BY THE BOARD OF IFRS1ISSUED IN NOVEMBER2008
APPROVAL BY THE BOARD OF AMENDMENTS TO IFRS1:
Additional Exemptions For First-time Adopters issued in July2009
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IFRS1 Limited Exemption from Comparative IFRS7Disclosures for First-time
Adopters issued in January2010
Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
issued in December2010
Government Loans issued in March2012
BASIS FOR CONCLUSIONS
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APPENDIX
Amendments to Basis for Conclusions on other IFRSs
IMPLEMENTATION GUIDANCE
TABLE OF CONCORDANCE
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IFRS1
International Financial Reporting Standard1First-time Adoption of International Financial Reporting Standards(IFRS1)is t out in paragraphs1–40and Appendices A–E.All the paragraphs have equal authority.Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the IFRS. Definitions of other terms are given in the Glossary for International Financial Reporting Standards.IFRS1should be read in the context of its objective and the Basis for Conclusions,the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting.IAS8Accounting Policies,Changes in Accounting Estimates and Errors provides a basis for lecting and applying accounting policies in the abnce
of explicit guidance.
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IFRS1 Introduction
Reasons for issuing the IFRS
IN1The International Accounting Standards Board issued IFRS1in June2003.
IFRS1replaced SIC-8First-time Application of IASs as the Primary Basis of Accounting.
The Board developed the IFRS to address concerns about the full retrospective闺蜜网名
炒汇application of IFRSs required by SIC-8.
IN2Subquently,IFRS1was amended many times to accommodate first-time adoption requirements resulting from new or amended IFRSs.As a result,the
IFRS became more complex and less clear.In2007,therefore,the Board
propod,as part of its annual improvements project,to change IFRS1to make
it easier for the reader to understand and to design it to better accommodate
future changes.The version of IFRS1issued in2008retains the substance of the
previous version,but within a changed structure.It replaces the previous
version and is effective for entities applying IFRSs for the first time for annual
periods beginning on or after1July2009.Earlier application is permitted. Main features of the IFRS
IN3The IFRS applies when an entity adopts IFRSs for the first time by an explicit and unrerved statement of compliance with IFRSs.
IN4In general,the IFRS requires an entity to comply with each IFRS effective at the end of its first IFRS reporting period.In particular,the IFRS requires an entity to
do the following in the opening IFRS statement of financial position that it
国家大事件prepares as a starting point for its accounting under IFRSs:
(a)recogni all asts and liabilities who recognition is required by IFRSs;
(b)not recogni items as asts or liabilities if IFRSs do not permit such
recognition;
(c)reclassify items that it recognid under previous GAAP as one type of
ast,liability or component of equity,but are a different type of ast,
liability or component of equity under IFRSs;and
(d)apply IFRSs in measuring all recognid asts and liabilities.
IN5The IFRS grants limited exemptions from the requirements in specified areas where the cost of complying with them would be likely to exceed the benefits to
urs of financial statements.The IFRS also prohibits retrospective application
of IFRSs in some areas,particularly where retrospective application would
require judgements by management about past conditions after the outcome of
a particular transaction is already known.
IN6The IFRS requires disclosures that explain how the transition from previous GAAP to IFRSs affected the entity’s reported financial position,financial
performance and cash flows.
IN7An entity is required to apply the IFRS if its first IFRS financial statements are for
a period beginning on or after1July2009.Earlier application is encouraged.
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