IFRS 1.docx

IFRS 1.docx

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IFRS1

IFRS1:

First-timeAdoptionofInternationalFinancialReportingStandards

Contents

IntroductionIN1-7

ReasonsforissuingtheIFRSIN1

MainfeaturesoftheIFRSIN2-6

ChangesfrompreviousrequirementsIN7

InternationalFinancialReportingStandard1First-timeAdoptionofInternationalFinancialReportingStandards

Objective1

Scope2-5

Recognitionandmeasurement6-34

OpeningIFRSbalancesheet6

Accountingpolicies7-12

ExemptionsfromotherIFRSs13-25

Businesscombinations15

Fairvalueorrevaluationasdeemedcost16-19

Employeebenefits20

Cumulativetranslationdifferences21-22

Compoundfinancialinstruments23

Assetsandliabilitiesofsubsidiaries,associatesandjointventures24-25

ExceptionstoretrospectiveapplicationofotherIFRSs26-34

Derecognitionoffinancialassetsandfinancialliabilities27

Hedgeaccounting28-30

Estimates31-34

Presentationanddisclosure35-46

Comparativeinformation36-37

ExplanationoftransitiontoIFRSs38-46

Reconciliations39-43

Useoffairvalueasdeemedcost44

Interimfinancialreports45-46

Effectivedate47

Appendices

ADefinedterms

BBusinesscombinations

CAmendmentstootherIFRSs

ApprovalofIFRS1bytheboard

Basisforconclusionsseeseparatebooklet

Implementationguidanceseeseparatebooklet

IFRS1First-timeAdoptionofInternationalFinancialReportingStandardstogetherwithitsaccompanyingdocuments（seeseparatebooklets）isissuedbytheInternationalAccountingStandardsBoard,30CannonStreet,LondonEC4M6XH,UnitedKingdom.

Tel:

+44（0）2072466410Fax:

+44（0）2072466411Email:

iasb@iasb.org.ukWeb:

www.iasb.org.uk

Copyright©2003InternationalAccountingStandardsCommitteeFoundation（IASCF）

ISBNforthispart:

1-904230-20-2

ISBNforcompletepublication（threeparts）:

1-904230-19-9

InternationalFinancialReportingStandards（includingInternationalAccountingStandardsandSICandIFRICInterpretations）,ExposureDrafts,andotherIASBpublicationsarecopyrightoftheInternationalAccountingStandardsCommitteeFoundation（IASCF）.TheapprovedtextofInternationalFinancialReportingStandardsandotherIASBpublicationsisthatpublishedbytheIASBintheEnglishlanguageandcopiesmaybeobtainedfromtheIASCF.Pleaseaddresspublicationsandcopyrightmattersto:

IASCFPublicationsDepartment,1stFloor,30CannonStreet,LondonEC4M6XH,UnitedKingdom.Tel:

+44（0）2073322730Fax:

+44（0）2073322749Email:

publications@iasb.org.ukWeb:

www.iasb.org.uk

Allrightsreserved.Nopartofthispublicationmaybetranslated,reprintedorreproducedorutilisedinanyformeitherinwholeorinpartorbyanyelectronic,mechanicalorothermeans,nowknownorhereafterinvented,includingphotocopyingandrecording,orinanyinformationstorageandretrievalsystem,withoutpriorpermissioninwritingfromtheInternationalAccountingStandardsCommitteeFoundation.

TheIASBlogo/"HexagonDevice","IAS","IASB","IASCF","IASC","IFRIC","IFRS","InternationalAccountingStandards"and"InternationalFinancialReportingStandards"areTradeMarksoftheInternationalAccountingStandardsCommitteeFoundationandmaynotbeusedwithoutitspriorwrittenapproval.

InternationalFinancialReportingStandard1First-timeAdoptionofInternationalFinancialReportingStandards（IFRS1）issetoutinparagraphs1-47AandAppendicesA-C.Alltheparagraphshaveequalauthority.Paragraphsinboldtypestatethemainprinciples.TermsdefinedinAppendixAareinitalicsthefirsttimetheyappearintheStandard.DefinitionsofothertermsaregivenintheGlossaryforInternationalFinancialReportingStandards.IFRS1shouldbereadinthecontextofitsobjectiveandtheBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.

Editorialnote:

SubstitutedbyimprovementsprojectstandardIAS8witheffectforannualperiodsbeginningonorafter1January2005,andfurtheramendedbyIASCorrectionsList9,May2004.IfanentityappliesthisStandardforanearlierperiod,theseamendmentsshallbeappliedforthatearlierperiod.Previously"InternationalFinancialReportingStandard1First-timeAdoptionofInternationalFinancialReportingStandards（IFRS1）issetoutinparagraphs1-47andAppendicesA-C.Alltheparagraphshaveequalauthority.Paragraphsinboldtypestatethemainprinciples.TermsdefinedinAppendixAareinitalicsthefirsttimetheyappearintheStandard.DefinitionsofothertermsaregivenintheGlossaryforInternationalFinancialReportingStandards.IFRS1shouldbereadinthecontextofitsobjectiveandtheBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.Theseprovideabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance."

Introduction

ReasonsforissuingtheIFRS

IN1TheIFRSreplacesSIC-8First-timeApplicationofIASsasthePrimaryBasisofAccounting.TheBoarddevelopedthisIFRStoaddressconcernsthat:

（a）someaspectsofSIC-8'srequirementforfullretrospectiveapplicationcausedcoststhatexceededthelikelybenefitsforusersoffinancialstatements.Moreover,althoughSIC-8didnotrequireretrospectiveapplicationwhenthiswouldbeimpracticable,itdidnotexplainwhetherafirst-timeadoptershouldinterpretimpracticabilityasahighhurdleoralowhurdleanditdidnotspecifyanyparticulartreatmentincasesofimpracticability.

（b）SIC-8couldrequireafirst-timeadoptertoapplytwodifferentversionsofaStandardifanewversionwereintroducedduringtheperiodscoveredbyitsfirstfinancialstatementspreparedunderIASsandthenewversionprohibitedretrospectiveapplication.

（c）SIC-8didnotstateclearlywhetherafirst-timeadoptershouldusehindsightinapplyingrecognitionandmeasurementdecisionsretrospectively.

（d）therewassomedoubtabouthowSIC-8interactedwithspecifictransitionalprovisionsinindividualStandards.

MainfeaturesoftheIFRS

IN2TheIFRSapplieswhenanentityadoptsIFRSsforthefirsttimebyanexplicitandunreservedstatementofcompliancewithIFRSs.

IN3Ingeneral,theIFRSrequiresanentitytocomplywitheachIFRSeffectiveatthereportingdateforitsfirstIFRSfinancialstatements.Inparticular,theIFRSrequiresanentitytodothefollowingintheopeningIFRSbalancesheetthatitpreparesasastartingpointforitsaccountingunderIFRSs:

（a）recogniseallassetsandliabilitieswhoserecognitionisrequiredbyIFRSs;

（b）notrecogniseitemsasassetsorliabilitiesifIFRSsdonotpermitsuchrecognition;

（c）reclassifyitemsthatitrecognisedunderpreviousGAAPasonetypeofasset,liabilityorcomponentofequity,butareadifferenttypeofasset,liabilityorcomponentofequityunderIFRSs;and

（d）applyIFRSsinmeasuringallrecognisedassetsandliabilities.

IN4TheIFRSgrantslimitedexemptionsfromtheserequirementsinspecifiedareaswherethecostofcomplyingwiththemwouldbelikelytoexceedthebenefitstousersoffinancialstatements.TheIFRSalsoprohibitsretrospectiveapplicationofIFRSsinsomeareas,particularlywhereretrospectiveapplicationwouldrequirejudgementsbymanagementaboutpastconditionsaftertheoutcomeofaparticulartransactionisalreadyknown.

IN5TheIFRSrequiresdisclosuresthatexplainhowthetransitionfrompreviousGAAPtoIFRSsaffectedtheentity'sreportedfinancialposition,financialperformanceandcashflows.

IN6AnentityisrequiredtoapplytheIFRSifitsfirstIFRSfinancialstatementsareforaperiodbeginningonorafter1January2004.Earlierapplicationisencouraged.

Changesfrompreviousrequirements

IN7LikeSIC-8,theIFRSrequiresretrospectiveapplicationinmostareas.

UnlikeSIC-8,theIFRS:

（a）includestargetedexemptionstoavoidcoststhatwouldbelikelytoexceedthebenefitstousersoffinancialstatements,andasmallnumberofotherexceptionsforpracticalreasons.

（b）clarifiesthatanentityappliesthelatestversionofIFRSs.

（c）clarifieshowafirst-timeadopter'sestimatesunderIFRSsrelatetotheestimatesitmadeforthesamedateunderpreviousGAAP.

（d）specifiesthatthetransitionalprovisionsinotherIFRSsdonotapplytoafirst-timeadopter.

（e）requiresenhanceddisclosureaboutthetransitiontoIFRSs.

InternationalFinancialReportingStandard1First-timeAdoptionofInternationalFinancialReportingStandards

Objective

1   TheobjectiveofthisIFRSistoensurethatanentity'sfirstIFRSfinancialstatements,anditsinterimfinancialreportsforpartoftheperiodcoveredbythosefinancialstatements,containhighqualityinformationthat:

（a）istransparentforusersandcomparableoverallperiodspresented;

（b）providesasuitablestartingpointforaccountingunderInternationalFinancialReportingStandards（IFRSs）;and

（c）canbegeneratedatacostthatdoesnotexceedthebenefitstousers.

Scope

2   AnentityshallapplythisIFRSin:

（a）itsfirstIFRSfinancialstatements;and

（b）eachinterimfinancialreport,ifany,thatitpresentsunderIAS34InterimFinancialReportingforpartoftheperiodcoveredbyitsfirstIFRSfinancialstatements.

3   Anentity'sfirstIFRSfinancialstatementsarethefirstannualfinancialstatementsinwhichtheentityadoptsIFRSs,byanexplicitandunreservedstatementinthosefinancialstatementsofcompliancewithIFRSs.FinancialstatementsunderIFRSsareanentity'sfirs