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. On this page you can access a range of articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.
Full-text standard
The 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.
Online articles
The library provides access to a range of articles in full text from leading business, finance and management journals.
You will need to be logged-in to the website to gain full access to the range of articles available online.
Useful links
ICAEW
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.
Press releases
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’.
Summaries
IFRS 1 First-time Adoption of International Financial Reporting Standards (PDF 20.60kb/2 pages)
IASB technical summary, as issued at 1 January 2012.
Summaries of International Financial Reporting Standards: IFRS 1 First-time Adoption of International Financial Reporting Standards
History and summary from Deloitte IAS Plus.
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.
Guides and publications
Annual improvements to IFRS – the 2009–2011 cycle (PDF 473.84kb/4 pages)
IFRS Developments bulletin releaased by Ernst & Young in May 2012 summarising the amendments to IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34. The bulletin also examines the potential implications for reporting entities.
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 (PDF 478.2kb/2 pages)
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.
Supplement to IFRS Outlook Issue 52: Amendments to IFRS 1 (PDF 88kb/2 pages)
Notes published by Ernst & Young in July 2009 on the Additional Exemptions for First-time Adopters (Amendments to IFRS 1) issued by the IASB. The amendment is effective for periods on or after 1 January 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 e-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).
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 delivery service.
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