First-Time Adoption of IFRS

Question 1

First annual financial statements in which the entity adopts IFRS and makes and explicit and unreserved _______ in those financial statements of compliance with IFRS

Answer 1

statement

Question 2

First IFRS financial statements must include at least ___ balance sheets and ____ statements of comprehensive income, income statements, statements of cash flows, and statements of changes in equity and related notes

Answer 2

3; 2

Question 3

Date of _____ to IFRS is the date of the opening balance sheet

Answer 3

transition

Question 4

Adjustments needed to restate assets and liabilities in conformity with IFRS should be made directly to _____ _____ at the date of transition to IFRS

Answer 4

retained earnings

Question 5

Decrecognition of financial assets and financial liabilities, hedge accounting, non-controlling interests, classification and measurement of financial assets, and embedded derivatives are:

Answer 5

mandatory exceptions to the retrospective application of IFRS

Question 6

An entity should ______ how the transition from previous GAAP to IFRS affected its reported financial position, financial performance, and cash flows

Answer 6

disclose

Question 7

_______ of equity reported and total comprehensive income may be required to show changes from GAAP to IFRS

Answer 7

Reconciliations