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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.

IFRS transition

This factsheet is designed to assist those adopting, or considering adopting, IFRS for the first time. It considers the implications of moving to IFRS and provides practical tips on how to manage the process.

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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).

Summary and timeline

Looking for the synopsis? Our IFRS 1 summary and timeline features information on current proposals and a timeline of IASB updates.

Recent amendments

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These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.

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. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.

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These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.

ICAEW factsheets and guides

The Corporate Reporting Faculty's annual IFRS factsheets provide a more detailed discussion of recent IFRS amendments.

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

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Further support

Financial reporting helpsheets
Corporate reporting resources

Practical resources including factsheets, online guides and webinars on financial and non-financial reporting.

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