First Time Adoption of IFRS

Question 1

First Time Adoption of IFRS - When a company presenting one year comparative information decides to switch to IFRS, how many BS, IS , CF and SE statements should it present?

Answer 1

• 3 Balance Sheets
• 2 Income Statements
• 2 Cash Flow Statements
• 2 Statement of Stock Holder’s Equity

Question 2

First Time Adoption of IFRS - When a company presenting one year comparative information decides to switch to IFRS, when would be the official transition date?

Answer 2

As of the date of the opening balance sheet. That is the beginning of the prior period.