First time adoption Flashcards
1
Q
IFRS 1 first time adoption
Need to consider
A
Must disclose in FS this is the first set of adoption of IFRS
Prepare CY figures under IFRS
Restate PY figure under IFRS
Reconcile CY profits under IFRS to the previous standards (basically another column in P&L of what would the P&L be if no change and 1 more column of the adjustment to the actual P&L)
