This article looks at the highlights of IFRS 1 First-time Adoption of IFRS and discusses some of the challenges experienced by those who have already made the transition to IFRS.

The objective of IFRS 1 is to ensure that an organization’s first IFRS financial statements (and any interim financial reports for part of the period covered by those financial statements) contain high-quality information that:

• is transparent for users and comparable over all periods presented
• provides a suitable starting point for accounting under International Financial Reporting Standards (IFRS)

IFRS 1 First-time Adoption of IFRS — 2011

For a more comprehensive introduction to the adoption of IFRSs, see the online course, IFRS 1/IAS 1. You must be registered to access and purchase the course.

Further resources on IFRS/IAS

Other IFRS/IAS articles and Professional Development Courses on PD Net