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Adopting IFRS
IFRS 1 – First-time Adoption of International Financial Reporting Standards

A step-by-step illustration of the transition to IFRS
June 2004

PricewaterhouseCoopers ( is the world’s largest professional services organisation. Drawing on the knowledge and skills of 125,000 people in 142 countries, we build relationships byproviding services based on quality and integrity.

Other publications on IFRS PricewaterhouseCoopers has published the following publications on International Financial Reporting Standards and corporate practices; they are available from your nearest PricewaterhouseCoopers office. Acquisitions – Accounting and transparency under IFRS 3 Applying IFRS – Finding the right solution (available onComperio IFRS1) IFRS Disclosure Checklist 2004 International Accounting Standards – A Pocket Guide Financial instruments under IFRS Illustrative Bank Financial Statements 2004 Illustrative Corporate Financial Statements 2004 Illustrative Funds Financial Statements 2004 Illustrative Insurance Financial Statements 2004 Illustrative Investment Property Financial Statements 2004 Share-based payments – Apractical guide to applying IFRS 2 Similarities and Differences – A comparison of IFRS and US GAAP Understanding IAS 29 – Financial Reporting in Hyperinflationary Economies IFRS News – Shedding light on the IASB’s activities Ready to take the plunge? IFRS readiness survey 2004 Making the Change to International Financial Reporting Standards Europe and IFRS 2005 – Your questions answered 2005 – Readyor not. IFRS Survey of over 650 CFOs World Watch – Governance and Corporate Reporting Audit Committees – Good Practices for Meeting Market Expectations Building the European Capital Market – Common Principles for a Capital Market Reporting Progress – Good Practices for Meeting Market Expectations

These publications and the latest news on IFRS can be found at

ComperioIFRS can be purchased from the website –

Contacting PricewaterhouseCoopers Please contact your local PricewaterhouseCoopers office to discuss how we can help you make the change to International Financial Reporting Standards or with technical queries. See inside back cover of this publication for further details of our IFRS products and services.

© 2004 PricewaterhouseCoopers.All rights reserved. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate legal entity. Designed by Studio ec4 (16369 5/04).






1 Overview of IFRS 1 requirements
What is IFRS 1? When to apply IFRS 1 The opening IFRS balance sheet Accounting policies Optionalexemptions from retrospective application Mandatory exceptions from retrospective application Disclosures IFRS 1 and interim financial information 4 5 6 8 9 13 17 18

2 Questions and answers


3 Step-by-step application of IFRS 1 – an illustrative example


Adopting International Financial Reporting Standards (IFRS) presents challenges that many people underestimate. Thepurpose of this book is to help those preparing IFRS financial statements for the first time to address those challenges.
The publication of IFRS 1, First-time Adoption of International Financial Reporting Standards, in June 2003 and as amended by the publication of new and revised standards between December 2003 and March 2004 means that companies can now avoid some of the burden ofreconstructing old records that were not required for previous national reporting. But let’s not be fooled into thinking the simplifications turn transition into a five-minute job – far from it. Even with the new standard, the transition process remains complex and time-consuming for many companies. The standard presents management with some tough decisions – which of the 10 optional exemptions, for...
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