IFRS 1 First Time Adorption of International Accounting Standards

This topic has 1 reply, 2 voices, and was last updated 6 years ago by Stephen Widberg.

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October 21, 2019 at 9:34 am #550336
divason
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Hie,
I am filing to understand on the procedures an entity should should follow when adopting International Accounting Standards for the first time according to IFRS 1.And also help me on the principles behind the application of IFRS 1.
October 21, 2019 at 5:44 pm #550381
Stephen Widberg
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IFRS 1 requires that, in most cases, in first adopting international standards, the company will need to make a series of prior period adjustments to ensure comparability.
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