IFRS 1 First-time Adoption of IFRS
IFRS 1 First-time Adoption of International Financial Reporting Standards provides guidance for entities adopting IFRS for the first time. The standard was revised and restructured in November 2008 and is effective from 1 July 2009.
Full text standard
IFRS 1 Issued Standard
The IFRS Foundation provides free online access to the international accounting standards issued for the current year. Free registration is required.
This free version does not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions). ICAEW members, ACA students and other entitled users can access the accompanied version via the Library.
IFRS 1 summary and timeline
Looking for the synopsis? Our IFRS 1 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.
Which version of the standard?
Financial Reporting Faculty members who joined the faculty prior to 1 November 2022 have premium access to the consolidated edition of IFRS and amendments through the IASB's IFRS Standards Navigator service. Please log into IFRS Standards Navigator to access electronic versions of the standards. Or find out more about how to join the faculty.
Related IFRIC interpretations
IFRIC 12 Service Concession Arrangements
Accounting guidance for arrangements where a contract is granted for the supply of public services such as roads.
UK reduced disclosures – FRS 101
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.
Amendments to the standard for FRS 101 preparers
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.
Disclosure exemptions for FRS 101 preparers
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.
ICAEW guides and support
Financial Reporting Faculty, November 2022
This factsheet is designed to assist those adopting, or considering adopting, IFRS Accounting Standards (IFRS) for the first time. It considers the implications of moving to IFRS and provides practical tips on how to manage the process.
These exclusive factsheets, produced annually by the Financial Reporting Faculty for its members, highlight all new and modified requirements for preparers of IFRS accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.
2022 IFRS Accounts
Financial Reporting Faculty, August 2022
Provides more information on amendment Annual Improvements 2018–2020 amendments to IFRS 1.
Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.
First-time adoption of International Financial Reporting Standards
PKF International, IFRS 2022: Interpretation and Application of IFRS Standards (2022)
This updated edition provides a detailed resource on interpreting and applying IFRS alongside practical examples, IFRIC interpretations and directions. This chapter discusses IFRS 1.
EY, International GAAP 2021 (2020)
The latest edition of this comprehensive guide offers a global perspective on complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. This chapter discusses IFRS 1.
IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.
Company Reporting (Croner-i)
The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.
International GAAP 2022: Generally Accepted Accounting Practice under IFRS
EY International Financial Reporting Group, 2022
Detailed guide on interpreting and implementing IFRS, with illustrative examples and extracts from financial statements. The manual is available online (free registration required) as part of EY Atlas Client Edition. Chapters and sections are searchable and downloadable in PDF format. The whole book is also downloadable in ePub format for offline access.
Manuals and handbooks
The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS 1 and first-time adoption of IFRS or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at email@example.com
Insights into IFRS 2020–21
KPMG, Sweet and Maxwell, 2020
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.
Wiley IFRS 2020: Interpretation and application of IFRS standards
PKF, Wiley, 2020
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Manual of accounting: IFRS supplement 2020
PwC, LexisNexis, 2019
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS.
Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email or post.
Ask ICAEW Technical Advisory Service
Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.
Find out more about the Technical and ethics advisory helpline, including our opening hours.
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