1. IFRS 1First time adoption of International Financial Reporting Standards.
2. Scope An entity shall apply the IFRS in its: AND When an entity First IFRS financial statements Each interim financial Statements prepared in first IFRS reporting period Issues explicit and unreserved statement of compliance with IFRS Adopts IFRS first time
3. Opening IFRS statement of financial position An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs.
4. Accounting Policies An entity shall use the same accounting policies in its opening IFRS statement of financial position and for all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the end of its first IFRS reporting period IFRS 1 also permits early application of a new IFRS which is not yet mandatory but allows early application
5. Exceptions to Retrospective Application The general requirement of IFRS is full retrospective application of all accounting standards effective at an entity’s reporting date. IFRS 1 allows two types of exemptions from such retrospective application: Optional Exceptions Mandatory Exceptions