IFRS 1 First-time Adoption of International Financial Reporting Standards provides guidance for entities adopting IFRS for the first time.
Revised and restructured November 2008. Effective 1 July 2009.
*UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
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*Not EU endorsed as at 6 June 2017. Read more on EU Endorsement.
UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
Where an entity applies FRS 101, it is preparing Companies Act accounts rather than IAS accounts. Therefore the following amendments must be made to IFRS 1 in order to achieve compliance with the Companies Act and related Regulations:
It is clarified that a subsidiary which becomes a first-time adopter later than its parent or an entity that becomes a first-time adopter later than its subsidiary, associate or joint venture must ensure that its assets and liabilities are measured in compliance with FRS 101.
On first-time adoption of FRS 101, an entity is exempt from the IFRS 1 requirement to present an opening statement of financial position as at the date of transition.
This page was last updated 6 June 2017