IFRS 1 First-Time Adoption of IFRSs

Question 1

Does not apply

Answer 1

already reporting under IFRS

Question 2

first set of fianncial statements, explict and unreserved attament of compliance

Question 2

interi,m financial statements that cover reporting periofd

Question 3

Currently effective

Question 4

Permit early adoption

Question 5

recognize/dereocgnize assets, liabilities, equity, remeasure, reclassify

Question 6

Previous accounting framework

Question 7

Optional exemptions

Answer 7

adoption relief specifc: busienss combination, sjhare-based payment transactions, etc, etc (see file)

Question 8

Mandatory exceptions

Answer 8

estimates, derecogniton, iof financial assets and financial liabilities, hedge accountign,. non-controlling interests

Question 9

Accounting polcies

Answer 9

same acocunting polcies, effective end of first reporting period, chnage betwene inetrim ahnd first set, IAS 8 not apply, reconcilation

Question 10

Repeat Application

Answer 10

IAS 8 or IFRS 1

Question 11

Opening SOFP

Answer 11

Transition Date, stnadrds consistent across all reporting periods.

Question 12

Presentation and disclosure

Answer 12

minimum 3 SOFPs, 2 of the otehrs, reconciliations date of transition and last year end, equity and other comprehensive income, explanations of transition, additional disclosure requirements.