Adopting IFRS presents challenges that many people underestimate

This publication helps first-time adopters address the challenges of IFRS 1, ‘First-time Adoption of International Financial Reporting Standards’. It puts the theory of IFRS 1 into practice by illustrating the steps involved in preparing the first IFRS financial statements.

The overview of IFRS 1 requirements explains the implications of the standard, including: when to apply IFRS; the opening balance sheet; the selection of accounting policies; the optional exemptions and mandatory exceptions; disclosures; and the interim financial statements. There is also a comprehensive worked example of the adjustments necessary to convert a set of financial statements from previous GAAP to IFRS.

‘Adopting IFRS’ has been updated since the first edition in October 2003. The June 2004 edition takes into account the effect of IFRS 1 on the new and revised standards issued by the International Accounting Standards Board betweeen December 2003 and March 2004.

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