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Initial Adoption of IFRS, Studen: Morales Hernández Sergio
5OXAB
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Initial Adoption of IFRS
Objective: The main objective is to establish a clear and consistent starting point for entities adopting IFRS for the first time.
It seeks to ensure that the first financial statements presented under IFRS are comparable and transparent, facilitating decision-making by users
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Scope: IFRS 1 applies to all entities that adopt International Financial Reporting Standards (IFRS) for the first time.
Covers the process of preparing and presenting the first full set of financial statements of an IFRS compliant entity.
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Recognition: Involves the recognition of assets and liabilities in the opening statement of financial position, in accordance with the IFRS in force at the transition date.
The standard provides certain exemptions and exceptions to facilitate the transition, allowing in some cases not to retroactively apply certain IFRS requirements.
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Filing: Requires the filing of an opening statement of financial position under IFRS, which serves as the starting point for the presentation of future financial statements.
It also requires the submission of comparative information for prior periods, allowing users to assess the entity's trends and performance over time.
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Disclosure: Requires the disclosure of detailed information on the basis of the transition to IFRS, including the accounting policies applied and the exemptions used.
Requires disclosure of transition impacts on financial statements, providing users with a clear understanding of the changes resulting from the adoption of IFRS.
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