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IFRS 1 summary and timeline

A summary of IFRS 1 First-time Adoption of IFRS, including information on current proposals and a timeline of past amendments, announcements, exposure drafts and consultations.

Summary

  • 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.

Current proposals

  1. ED/2021/4 Lack of Exchangeability was issued in April 2021 and proposes amendments to the IAS 21 to specify when a currency is not exchangeable and how a reporting entity should determine the exchange rate to apply in this case.

    A consequential amendment is proposed to IFRS 1 to remove reference to specific characteristics of severe hyperinflation including lack of exchangeability.
     

Timeline

 
 
Date Update
14 May 2020 IASB issues 2018–2020 Annual Improvements Cycle amendment to IFRS 1
Effective for annual periods beginning on or after 1 January 2022.
21 May 2019
IASB proposes amendments to IFRS 1 in ED/2019/2 Annual Improvements to IFRS Standards 2018-2020
8 December 2016
IASB issues 2014–2016 Annual Improvements Cycle amendment to IFRS 1
Effective for annual periods beginning on or after 1 January 2018.
12 December 2013
IASB issues 2011–2013 Annual Improvements cycle amendment to IFRS 1 Basis for Conclusions
No effective date.
17 May 2012
IASB issues 2009–2011 Annual Improvements cycle amendment to IFRS 1
Effective for annual periods beginning on or after 1 January 2013.
13 March 2012 IASB issues Government Loans amendments to IFRS 1
Effective for annual periods beginning on or after 1 January 2013.
20 December 2010 IASB issues Sever Hyperinflation and Removal of Fixed Dates for First-time Adopters amendments to IFRS 1
Effective for annual periods beginning on or after 1 July 2011.
6 May 2010 IASB issues Improvements to IFRSs amendment to IFRS 1
Effective for annual periods beginning on or after 1 July 2011.
28 January 2010 IASB issues Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters amendment to IFRS 1
Effective for annual periods beginning on or after 1 July 2010. Amendments relieve first-time adopters from providing additional disclosures.
23 July 2009 IASB issues Additional Exemptions or First-time Adopters amendments to IFRS 1
Effective for annual periods beginning on or after 1 January 2010
24 November 2008 IASB issues a revised version of IFRS 1 with improved structure
Effective for annual periods beginning on or after 1 July 2009.
22 May 2008 IASB issues Amendments to IFRS 1 and IAS 27 – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
Effective for annual periods beginning on or after 1 January 2009.
30 June 2005 IASB issues Amendments to IFRS 1 and IFRS 6
(Press release archived at Deloitte IAS Plus)
19 June 2003 IASB issues IFRS 1
Effective for periods beginning on or after 1 January 2004.

Looking for the standard?

Practical guidance on this standard is now on our main IFRS 1 First-time adoption of IFRS page, with links to eIFRS, the full text standard, eBooks and other resources.