Regulatory Alerts2017-11-10
Added · Updated
Appendix to the Standard for the Implementation of the Accounting Framework for General Warehouses of Deposit
The International Accounting Standards Board (IASB) issued IFRS 1 and subsequent amendments to establish the requirements for first-time adopters of International Financial Reporting Standards. The document mandates that entities presenting their first IFRS financial statements prepare an opening IFRS statement of financial position, applying retrospective recognition and measurement principles with specific exemptions. It clarifies that entities may elect to apply IFRS 1 when readopting standards after a prior cessation, requiring disclosures regarding the reasons for ceasing and resuming IFRS compliance. The text also details the Board's basis for conclusions regarding the restructuring of IFRS 1 to improve clarity and accommodate future changes.