IFRS 1 & IAS 34

Question 1

What does IFRS 1 do?

Answer 1

It sets out the procedures to be followed in adoptions IFRS standards for the first time.

High quality information that:
- is transparent for users and comparable over all periods presented
- Provides a suitable starting point for accounting under IFRS
- Can be generated at a cost that does not exceed benefit to users

Question 2

What is a first time adopter?

Answer 2

It is an entity that, for the first time, makes and explicit and unreserved statement that its general purpose financial statements comply with IFRS.