A first-time adopter is an entity that, for the first time, makes an explicit and unreserved statement that its general purpose financial statements comply with IFRSs.
An entity can also be a first-time adopter if, in the preceding year, its published financial statements asserted:
§Compliance with some but not all IFRSs.
§Included only a reconciliation of selected figures from previous GAAP to IFRSs. (Previous GAAP means the GAAP that an entity followed immediately before adopting to IFRSs.)
However, an entity is not a first-time adopter if, in the preceding year, its published financial statements asserted:
§Compliance with IFRSs even if the auditor's report contained a qualification with respect to conformity with IFRSs.
§Compliance with both previous GAAP and IFRSs.
Adjustments required to move from previous GAAP to IFRSs at the time of first-time adoption
§Recognize all assets and liabilities whose recognition is required by IFRS
§Not recognize items as assets or liabilities if IFRS does not permit such recognition
§Reclassify items that do not match IFRS requirements
§Apply IFRS in measuring all recognized assets and liabilities
§Difference amount is adjusted with Retained Earning
Recognition and measurement
§Opening IFRS Balance Sheet
§Date of transition to IFRS
§Same accounting policies
§Throughout all periods
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