F1 - First Time Adoption of IFRS

Question 1

How many of each financial statement is required under IFRS?

Answer 1

3 balance sheets

2 of all other statements

Question 2

How should a first-time adopter of IFRS recognize the adjustments required to present its opening IFRS statement of financial position?

Answer 2

All of the adjustments should be recognized directly in retained earnings or, if appropriate, in another category of equity

Question 3

On its opening IFRS balance sheet, an entity may not elect to use fair value to report:

Answer 3

Inventory