• 2024 Issued Standard – IFRS 1
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.

• IFRS 1 provides guidance for entities adopting IFRS for the first time.
• The standard requires an entity in this position to comply with IFRSs effective at the end of its first IFRS accounting period in terms of the recognition and measurement of assets and liabilities.
• There are limited exemptions from these requirements where the cost of compliance would outweigh the benefits.
• Entities must disclose the effect of the transfer to IFRS on financial position, performance and cash flows.

IFRIC 12 Service Concession Arrangements
Accounting guidance for arrangements where a contract is granted for the supply of public services such as roads.

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.