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IFRS 1: First-time adoption of international financial reporting standards

The accounting standard IFRS 1 sets out the procedures that entities must follow when adopting International Financial Reporting Standards for the first time as the basis for preparing general purpose financial statements. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.

What's on this page?

  • Full-text standard
  • Summaries
  • Guidance and support from ICAEW
  • IASB news
  • Guides
  • Online articles
  • Articles and books from the Library

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Full-text standard

The IFRS Foundation and International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website; you will need to register to gain access.

These standards are the unaccompanied versions and do not include any additional content that accompanies the full IAS and IFRSs such as illustrative examples, implementation guidance and bases for conclusions.

Summaries

IFRS 1 First-time Adoption of International Financial Reporting Standards
IASB technical summary, as issued at 1 January 2014.

IFRS 1 – First-time Adoption of International Financial Reporting Standards
Timeline and summary from Deloitte IAS Plus, with information on related interpretations and amendments under consideration.

First time adoption of IFRS
Topic summary provided by PwC, giving latest developments and overview, a summary of the standard and links to relevant resources.

ICAEW guidance and support

Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.

IASB news

IASB concludes 2010–2012 and 2011–2013 Annual Improvements Cycles
Project update issued by the IASB on 12 December 2013 announcing amendments affecting IFRS 1, IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24, IAS 38 and IAS 40.

IASB concludes the 2009–2011 Annual Improvements cycle
Press release issued by the IASB on 17 May 2012 launching new amendments that will affect IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34.

IASB issues amendments to IFRS 1
Press release issued by the IASB on 13 March 2012 announcing changes dealing with loans received from governments at a below market rate of interest.

IASB issues narrow amendments to IFRS 1
Press release issued by the IASB on 20 December 2010 announcing the amendment ‘Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters’.

IASB issues limited exemption amendment to IFRS 1
Press release from the IASB, issued 28 January 2010, announcing amendments to IFRS 1 relieving first-time adopters from providing additional disclosures.

IASB issues a revised version of IFRS 1 with improved structure
Press release issued by the IASB on 27 November 2008.

IASB issues amendments for determining the cost of an investment in the separate financial statements
Press release issued by the IASB on 22 May 2008 announcing amendments to IFRS 1 and IAS 27 which ‘will apply for annual periods beginning on or after 1 January 2009, with earlier application permitted’.

Guides and publications

A practical guide to new IFRSs for 2013
Guide published by PwC in March 2013 covering new standards and interpretations, including amendments to IFRS 1 on exemption for severe hyperinflation and on government loans.

IFRS 1 amendment gives first-time adopters with government loans same relief as existing preparers
‘Straight away’ IFRS bulletin published by PwC in March 2012.

First-time adoption of IFRS: severe hyperinflation and removal of fixed dates
Supplement, published December 2010, to Ernst & Young's IFRS Outlook summarising changes to the standard.

Briefing sheet: issue 228 – Amendments to IFRS 1 – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
KPMG bulletin published in December 2010 summarising the amendments.

IASB amends IFRS 1: exemption for severe hyperinflation and removal of fixed dates
‘Straight away’ IFRS bulletin published by PwC in December 2010.

IFRS Briefing Sheet – Issue 114
Briefing published by KPMG in December 2008 which summarises the revised version of IFRS 1 released by the IASB in November 2008.

Adopting IFRS
Guide from PwC that explains the implications of this standard and assists companies with the process of converting from their current GAAP to IFRS.

Other resources

IFRS Learning
Interactive training modules from Deloitte with practical scenarios, worked examples and questions to test your knowledge. Each module is available to download as a zip file free of charge (registration is required).

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by fax on +44 (0)20 7920 8621 or by email at library@icaew.com.

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