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IFRS 1 First-time Adoption of International Financial Reporting Standards

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IFRS 1 First-time Adoption of International Financial Reporting Standards

Table of Contents

First-time Adoption of International
Financial Reporting Standards

In April 2001 the International Accounting Standards Board (Board) adopted SIC-8 First-
time Application of IASs as the Primary Basis of Accounting, which had been issued by the

Standing Interpretations Committee of the International Accounting Standards
Committee in July 1998.
In June 2003 the Board issued IFRS 1 First-time Adoption of International Financial Reporting
Standards to replace SIC-8. IAS 1 Presentation of Financial Statements (as revised in 2007)
amended the terminology used throughout IFRS Standards, including IFRS 1.
The Board restructured IFRS 1 in November 2008. In December 2010 the Board amended
IFRS 1 to reflect that a first-time adopter would restate past transactions from the date of
transition to IFRS Standards instead of at 1 January 2004.
Since it was issued in 2003, IFRS 1 was amended to accommodate first-time adoption
requirements resulting from new or amended Standards. Most recently, IFRS 1 was
amended by IFRS 17 Insurance Contracts (issued May 2017), which added an exception to
the retrospective application of IFRS 17 to require that first-time adopters apply the
transition provisions in IFRS 17 to contracts within the scope of IFRS 17.
Other Standards have made minor amendments to IFRS 1. They include Improvements to
IFRSs (issued May 2010), Revised IFRS 3 Business Combinations (issued January 2008), Severe
Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1)
(issued December 2010), IFRS 10 Consolidated Financial Statements (issued May 2011),
IFRS 11 Joint Arrangements (issued May 2011), IFRS 13 Fair Value Measurement (issued May
2011), IAS 19 Employee Benefits (issued June 2011), Presentation of Items of Other Comprehensive
Income (Amendments to IAS 1) (issued June 2011), IFRIC 20 Stripping Costs in the Production
Phase of a Surface Mine (issued October 2011), Government Loans (issued March 2012), Annual
Improvements to IFRSs 2009–2011 Cycle (issued May 2012), Consolidated Financial Statements,
Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments
to IFRS 10, IFRS 11 and IFRS 12) (issued June 2012), Investment Entities (Amendments to
IFRS 10, IFRS 12 and IAS 27) (issued October 2012), IFRS 9 Financial Instruments (Hedge
Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013),
IFRS 14 Regulatory Deferral Accounts (issued January 2014), Accounting for Acquisitions of
Interests in Joint Operations (Amendments to IFRS 11) (issued May 2014), IFRS 15 Revenue from
Contracts with Customers (issued May 2014), IFRS 9 Financial Instruments (issued July
2014), Equity Method in Separate Financial Statements (Amendments to IAS 27) (issued August
2014), IFRS 16 Leases (issued January 2016), Annual Improvements to IFRS Standards
2014–2016 Cycle (issued December 2016), which deleted several lapsed short-term
exemptions, IFRIC 22 Foreign Currency Transactions and Advance Consideration (issued
December 2016), IFRIC 23 Uncertainty over Income Tax Treatments (issued June
2017), Amendments to References to the Conceptual Framework in IFRS Standards (issued March
2018), Annual Improvements to IFRS Standards 2018–2020 (issued May 2020) and Deferred Tax
related to Assets and Liabilities arising from a Single Transaction (issued May 2021).

International Financial Reporting Standard 1 First-time Adoption of International Financial
Reporting Standards (IFRS 1) is set out in paragraphs 1–40 and Appendices A–E. All the
paragraphs have equal authority. Paragraphs in bold type state the main principles.
Terms defined in Appendix A are in italics the first time they appear in the IFRS.
Definitions of other terms are given in the Glossary for International Financial
Reporting Standards. IFRS 1 should be read in the context of its objective and the Basis
for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial
Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a
basis for selecting and applying accounting policies in the absence of explicit guidance.

International Financial Reporting Standard 1
First-time Adoption of International Financial Reporting
Standards


Objective


The objective of this IFRS is to ensure that an entity’s first IFRS financial
statements, and its interim financial reports for part of the period covered by
those financial statements, contain high quality information that:
(a) is transparent for users and comparable over all periods presented;
(b) provides a suitable starting point for accounting in accordance
with International Financial Reporting Standards (IFRSs); and
(c) can be generated at a cost that does not exceed the benefits.


Scope


An entity shall apply this IFRS in:
(a) its first IFRS financial statements; and
(b) each interim financial report, if any, that it presents in accordance
with IAS 34 Interim Financial Reporting for part of the period covered by
its first IFRS financial statements.
An entity’s first IFRS financial statements are the first annual financial
statements in which the entity adopts IFRSs, by an explicit and unreserved
statement in those financial statements of compliance with IFRSs. Financial
statements in accordance with IFRSs are an entity’s first IFRS financial
statements if, for example, the entity:
(a) presented its most recent previous financial statements:
(i) in accordance with national requirements that are not
consistent with IFRSs in all respects;
(ii) in conformity with IFRSs in all respects, except that the
financial statements did not contain an explicit and unreserved
statement that they complied with IFRSs;
(iii) containing an explicit statement of compliance with some, but
not all, IFRSs;
(iv) in accordance with national requirements inconsistent with
IFRSs, using some individual IFRSs to account for items for
which national requirements did not exist; or
(v) in accordance with national requirements, with a reconciliation
of some amounts to the amounts determined in accordance
with IFRSs;

(b) prepared financial statements in accordance with IFRSs for internal
use only, without making them available to the entity’s owners or any
other external users;
(c) prepared a reporting package in accordance with IFRSs for
consolidation purposes without preparing a complete set of financial
statements as defined in IAS 1 Presentation of Financial Statements (as
revised in 2007); or
(d) did not present financial statements for previous periods.
This IFRS applies when an entity first adopts IFRSs. It does not apply when, for
example, an entity:
(a) stops presenting financial statements in accordance with national
requirements, having previously presented them as well as another set
of financial statements that contained an explicit and unreserved
statement of compliance with IFRSs;
(b) presented financial statements in the previous year in accordance with
national requirements and those financial statements contained an
explicit and unreserved statement of compliance with IFRSs; or
(c) presented financial statements in the previous year that contained an
explicit and unreserved statement of compliance with IFRSs, even if
the auditors qualified their audit report on those financial statements.
Notwithstanding the requirements in paragraphs 2 and 3, an entity that has
applied IFRSs in a previous reporting period, but whose most recent previous
annual financial statements did not contain an explicit and unreserved
statement of compliance with IFRSs, must either apply this IFRS or else apply
IFRSs retrospectively in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors as if the entity had never stopped applying IFRSs.
When an entity does not elect to apply this IFRS in accordance with
paragraph 4A, the entity shall nevertheless apply the disclosure requirements
in paragraphs 23A–23B of IFRS 1, in addition to the disclosure requirements in
IAS 8.
This IFRS does not apply to changes in accounting policies made by an entity
that already applies IFRSs. Such changes are the subject of:
(a) requirements on changes in accounting policies in IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors; and
(b) specific transitional requirements in other IFRSs.


Recognition and measurement


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.

Accounting policies


An entity shall use the same accounting policies in its opening IFRS
statement of financial position and throughout 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, except as
specified in paragraphs 13–19 and Appendices B–E.
An entity shall not apply different versions of IFRSs that were effective at
earlier dates. An entity may apply a new IFRS that is not yet mandatory if that
IFRS permits early application.
Example: Consistent application of latest version of IFRSs
Background
The end of entity A’s first IFRS reporting period is 31 December 20X5.
Entity A decides to present comparative information in those financial
statements for one year only (see paragraph 21). Therefore, its date of
transition to IFRSs is the beginning of business on 1 January 20X4 (or,
equivalently, close of business on 31 December 20X3). Entity A presented
financial statements in accordance with its previous GAAP annually to
31 December each year up to, and including, 31 December 20X4.
Application of requirements
Entity A is required to apply the IFRSs effective for periods ending on
31 December 20X5 in:
(a) preparing and presenting its opening IFRS statement of financial
position at 1 January 20X4; and
(b) preparing and presenting its statement of financial position for
31 December 20X5 (including comparative amounts for 20X4),
statement of comprehensive income, statement of changes in equity
and statement of cash flows for the year to 31 December 20X5
(including comparative amounts for 20X4) and disclosures (including
comparative information for 20X4).
If a new IFRS is not yet mandatory but permits early application, entity A is
permitted, but not required, to apply that IFRS in its first IFRS financial
statements.
The transitional provisions in other IFRSs apply to changes in accounting
policies made by an entity that already uses IFRSs; they do not apply to
a first-time adopter’s transition to IFRSs, except as specified in Appendices B–E.
Except as described in paragraphs 13–19 and Appendices B–E, an entity shall,
in its opening IFRS statement of financial position:
(a) recognise all assets and liabilities whose recognition is required
by IFRSs;
(b) not recognise items as assets or liabilities if IFRSs do not permit such
recognition;

(c) reclassify items that it recognised in accordance with previous GAAP as
one type of asset, liability or component of equity, but are a different
type of asset, liability or component of equity in accordance with
IFRSs; and
(d) apply IFRSs in measuring all recognised assets and liabilities.
The accounting policies that an entity uses in its opening IFRS statement of
financial position may differ from those that it used for the same date using
its previous GAAP. The resulting adjustments arise from events and
transactions before the date of transition to IFRSs. Therefore, an entity shall
recognise those adjustments directly in retained earnings (or, if appropriate,
another category of equity) at the date of transition to IFRSs.
This IFRS establishes two categories of exceptions to the principle that an
entity’s opening IFRS statement of financial position shall comply with each
IFRS:
(a) paragraphs 14–17 and Appendix B prohibit retrospective application of
some aspects of other IFRSs.
(b) Appendices C–E grant exemptions from some requirements of other
IFRSs.


Exceptions to the retrospective application of other IFRSs


This IFRS prohibits retrospective application of some aspects of other IFRSs.
These exceptions are set out in paragraphs 14–17 and Appendix B.
Estimates
An entity’s estimates in accordance with IFRSs at the date of transition to
IFRSs shall be consistent with estimates made for the same date in
accordance with previous GAAP (after adjustments to reflect any difference
in accounting policies), unless there is objective evidence that those
estimates were in error.
An entity may receive information after the date of transition to IFRSs about
estimates that it had made under previous GAAP. In accordance
with paragraph 14, an entity shall treat the receipt of that information in the
same way as non-adjusting events after the reporting period in accordance
with IAS 10 Events after the Reporting Period. For example, assume that an
entity’s date of transition to IFRSs is 1 January 20X4 and new information on
15 July 20X4 requires the revision of an estimate made in accordance with
previous GAAP at 31 December 20X3. The entity shall not reflect that new
information in its opening IFRS statement of financial position (unless the
estimates need adjustment for any differences in accounting policies or there
is objective evidence that the estimates were in error). Instead, the entity shall
reflect that new information in profit or loss (or, if appropriate, other
comprehensive income) for the year ended 31 December 20X4.

An entity may need to make estimates in accordance with IFRSs at the date of
transition to IFRSs that were not required at that date under previous GAAP.
To achieve consistency with IAS 10, those estimates in accordance with IFRSs
shall reflect conditions that existed at the date of transition to IFRSs. In
particular, estimates at the date of transition to IFRSs of market prices,
interest rates or foreign exchange rates shall reflect market conditions at that
date.
Paragraphs 14–16 apply to the opening IFRS statement of financial position.
They also apply to a comparative period presented in an entity’s first IFRS
financial statements, in which case the references to the date of transition to
IFRSs are replaced by references to the end of that comparative period.


Exemptions from other IFRSs


An entity may elect to use one or more of the exemptions contained
in Appendices C–E. An entity shall not apply these exemptions by analogy to
other items.
[Deleted]


Presentation and disclosure


This IFRS does not provide exemptions from the presentation and disclosure
requirements in other IFRSs.


Comparative information


An entity’s first IFRS financial statements shall include at least three
statements of financial position, two statements of profit or loss and other
comprehensive income, two separate statements of profit or loss (if presented),
two statements of cash flows and two statements of changes in equity and
related notes, including comparative information for all statements presented.


Non-IFRS comparative information and historical summaries


Some entities present historical summaries of selected data for periods before
the first period for which they present full comparative information in
accordance with IFRSs. This IFRS does not require such summaries to comply
with the recognition and measurement requirements of IFRSs. Furthermore,
some entities present comparative information in accordance with previous
GAAP as well as the comparative information required by IAS 1. In any
financial statements containing historical summaries or comparative
information in accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being
prepared in accordance with IFRSs; and
(b) disclose the nature of the main adjustments that would make it
comply with IFRSs. An entity need not quantify those adjustments.

Explanation of transition to IFRSs


An entity shall explain how the transition from previous GAAP to IFRSs
affected its reported financial position, financial performance and cash
flows.
An entity that has applied IFRSs in a previous period, as described
in paragraph 4A, shall disclose:
(a) the reason it stopped applying IFRSs; and
(b) the reason it is resuming the application of IFRSs.
When an entity, in accordance with paragraph 4A, does not elect to apply
IFRS 1, the entity shall explain the reasons for electing to apply IFRSs as if it
had never stopped applying IFRSs.


Reconciliations


To comply with paragraph 23, an entity’s first IFRS financial statements shall
include:
(a) reconciliations of its equity reported in accordance with previous
GAAP to its equity in accordance with IFRSs for both of the following
dates:
(i) the date of transition to IFRSs; and
(ii) the end of the latest period presented in the entity’s most
recent annual financial statements in accordance with previous
GAAP.

(b) a reconciliation to its total comprehensive income in accordance with
IFRSs for the latest period in the entity’s most recent annual financial
statements. The starting point for that reconciliation shall be total
comprehensive income in accordance with previous GAAP for the same
period or, if an entity did not report such a total, profit or loss under
previous GAAP.
(c) if the entity recognised or reversed any impairment losses for the first
time in preparing its opening IFRS statement of financial position, the
disclosures that IAS 36 Impairment of Assets would have required if the
entity had recognised those impairment losses or reversals in the
period beginning with the date of transition to IFRSs.
The reconciliations required by paragraph 24(a) and (b) shall give sufficient
detail to enable users to understand the material adjustments to the
statement of financial position and statement of comprehensive income. If an
entity presented a statement of cash flows under its previous GAAP, it shall
also explain the material adjustments to the statement of cash flows.
If an entity becomes aware of errors made under previous GAAP, the
reconciliations required by paragraph 24(a) and (b) shall distinguish the
correction of those errors from changes in accounting policies.

IAS 8 does not apply to the changes in accounting policies an entity makes
when it adopts IFRSs or to changes in those policies until after it presents its
first IFRS financial statements. Therefore, IAS 8’s requirements about changes
in accounting policies do not apply in an entity’s first IFRS financial
statements.
If during the period covered by its first IFRS financial statements an entity
changes its accounting policies or its use of the exemptions contained in this
IFRS, it shall explain the changes between its first IFRS interim financial
report and its first IFRS financial statements, in accordance with
paragraph 23, and it shall update the reconciliations required by
paragraph 24(a) and (b).
If an entity did not present financial statements for previous periods, its first
IFRS financial statements shall disclose that fact.


Designation of financial assets or financial liabilities


An entity is permitted to designate a previously recognised financial asset as a
financial asset measured at fair value through profit or loss in accordance
with paragraph D19A. The entity shall disclose the fair value of financial
assets so designated at the date of designation and their classification and
carrying amount in the previous financial statements.
An entity is permitted to designate a previously recognised financial
liability as a financial liability at fair value through profit or loss in
accordance with paragraph D19. The entity shall disclose the fair value of
financial liabilities so designated at the date of designation and their
classification and carrying amount in the previous financial statements.


Use of fair value as deemed cost


If an entity uses fair value in its opening IFRS statement of financial
position as deemed cost for an item of property, plant and equipment, an
investment property, an intangible asset or a right-of-use asset (see paragraphs
D5 and D7), the entity’s first IFRS financial statements shall disclose, for each
line item in the opening IFRS statement of financial position:
(a) the aggregate of those fair values; and
(b) the aggregate adjustment to the carrying amounts reported
under previous GAAP.


Use of deemed cost for investments in subsidiaries, joint ventures
and associates


Similarly, if an entity uses a deemed cost in its opening IFRS statement of
financial position for an investment in a subsidiary, joint venture or associate
in its separate financial statements (see paragraph D15), the entity’s first IFRS
separate financial statements shall disclose:
(a) the aggregate deemed cost of those investments for which deemed
cost is their previous GAAP carrying amount;

(b) the aggregate deemed cost of those investments for which deemed cost
is fair value; and
(c) the aggregate adjustment to the carrying amounts reported under
previous GAAP.


Use of deemed cost for oil and gas assets


If an entity uses the exemption in paragraph D8A(b) for oil and gas assets, it
shall disclose that fact and the basis on which carrying amounts determined
under previous GAAP were allocated.


Use of deemed cost for operations subject to rate regulation


If an entity uses the exemption in paragraph D8B for operations subject to
rate regulation, it shall disclose that fact and the basis on which carrying
amounts were determined under previous GAAP.


Use of deemed cost after severe hyperinflation


If an entity elects to measure assets and liabilities at fair value and to use
that fair value as the deemed cost in its opening IFRS statement of financial
position because of severe hyperinflation (see paragraphs D26–D30), the
entity’s first IFRS financial statements shall disclose an explanation of how,
and why, the entity had, and then ceased to have, a functional currency that
has both of the following characteristics:
(a) a reliable general price index is not available to all entities with
transactions and balances in the currency.
(b) exchangeability between the currency and a relatively stable foreign
currency does not exist.


Interim financial reports


To comply with paragraph 23, if an entity presents an interim financial report
in accordance with IAS 34 for part of the period covered by its first IFRS
financial statements, the entity shall satisfy the following requirements in
addition to the requirements of IAS 34:
(a) Each such interim financial report shall, if the entity presented an
interim financial report for the comparable interim period of the
immediately preceding financial year, include:
(i) a reconciliation of its equity in accordance with previous
GAAP at the end of that comparable interim period to its equity
under IFRSs at that date; and
(ii) a reconciliation to its total comprehensive income in
accordance with IFRSs for that comparable interim period
(current and year to date). The starting point for that
reconciliation shall be total comprehensive income in
accordance with previous GAAP for that period or, if an entity
did not report such a total, profit or loss in accordance with
previous GAAP.

(b) In addition to the reconciliations required by (a), an entity’s first
interim financial report in accordance with IAS 34 for part of the
period covered by its first IFRS financial statements shall include the
reconciliations described in paragraph 24(a) and (b) (supplemented by
the details required by paragraphs 25 and 26) or a cross-reference to
another published document that includes these reconciliations.
(c) If an entity changes its accounting policies or its use of the exemptions
contained in this IFRS, it shall explain the changes in each such
interim financial report in accordance with paragraph 23 and update
the reconciliations required by (a) and (b).
IAS 34 requires minimum disclosures, which are based on the assumption
that users of the interim financial report also have access to the most recent
annual financial statements. However, IAS 34 also requires an entity to
disclose ‘any events or transactions that are material to an understanding of
the current interim period’. Therefore, if a first-time adopter did not, in its
most recent annual financial statements in accordance with previous GAAP,
disclose information material to an understanding of the current interim
period, its interim financial report shall disclose that information or include a
cross-reference to another published document that includes it.


Effective date


An entity shall apply this IFRS if its first IFRS financial statements are for a
period beginning on or after 1 July 2009. Earlier application is permitted.
An entity shall apply the amendments in paragraphs D1(n) and D23 for annual
periods beginning on or after 1 July 2009. If an entity applies IAS 23 Borrowing
Costs (as revised in 2007) for an earlier period, those amendments shall be
applied for that earlier period.
IFRS 3 Business Combinations (as revised in 2008) amended paragraphs 19, C1
and C4(f) and (g). If an entity applies IFRS 3 (revised 2008) for an earlier period,
the amendments shall also be applied for that earlier period.
IAS 27 Consolidated and Separate Financial Statements (as amended in 2008)
amended paragraphs B1 and B7. If an entity applies IAS 27 (amended 2008) for
an earlier period, the amendments shall be applied for that earlier period.
Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
(Amendments to IFRS 1 and IAS 27), issued in May 2008, added paragraphs 31,
D1(g), D14 and D15. An entity shall apply those paragraphs for annual periods
beginning on or after 1 July 2009. Earlier application is permitted. If an entity
applies the paragraphs for an earlier period, it shall disclose that fact.
Paragraph B7 was amended by Improvements to IFRSs issued in May 2008. An
entity shall apply those amendments for annual periods beginning on or after
1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period,
the amendments shall be applied for that earlier period.

Additional Exemptions for First-time Adopters (Amendments to IFRS 1), issued in
July 2009, added paragraphs 31A, D8A, D9A and D21A and amended
paragraph D1(c), (d) and (l). An entity shall apply those amendments for
annual periods beginning on or after 1 January 2010. Earlier application is
permitted. If an entity applies the amendments for an earlier period it shall
disclose that fact.
[Deleted]
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments added
paragraph D25. An entity shall apply that amendment when it applies
IFRIC 19.
[Deleted]
Improvements to IFRSs issued in May 2010 added paragraphs 27A, 31B and D8B
and amended paragraphs 27, 32, D1(c) and D8. An entity shall apply those
amendments for annual periods beginning on or after 1 January 2011. Earlier
application is permitted. If an entity applies the amendments for an earlier
period it shall disclose that fact. Entities that adopted IFRSs in periods before
the effective date of IFRS 1 or applied IFRS 1 in a previous period are permitted
to apply the amendment to paragraph D8 retrospectively in the first annual
period after the amendment is effective. An entity applying paragraph D8
retrospectively shall disclose that fact.
[Deleted]
[Deleted]
Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
(Amendments to IFRS 1), issued in December 2010, amended
paragraphs B2, D1 and D20 and added paragraphs 31C and D26–D30. An
entity shall apply those amendments for annual periods beginning on or after
1 July 2011. Earlier application is permitted.
IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements, issued in
May 2011, amended paragraphs 31, B7, C1, D1, D14 and D15 and
added paragraph D31. An entity shall apply those amendments when it
applies IFRS 10 and IFRS 11.
IFRS 13 Fair Value Measurement, issued in May 2011, deleted paragraph 19,
amended the definition of fair value in Appendix A and amended
paragraphs D15 and D20. An entity shall apply those amendments when it
applies IFRS 13.
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1), issued
in June 2011, amended paragraph 21. An entity shall apply that amendment
when it applies IAS 1 as amended in June 2011.
IAS 19 Employee Benefits (as amended in June 2011) amended paragraph D1 and
deleted paragraphs D10 and D11. An entity shall apply those amendments
when it applies IAS 19 (as amended in June 2011).

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine added
paragraph D32 and amended paragraph D1. An entity shall apply that
amendment when it applies IFRIC 20.
Government Loans (Amendments to IFRS 1), issued in March 2012, added
paragraphs B1(f) and B10–B12. An entity shall apply those paragraphs for
annual periods beginning on or after 1 January 2013. Earlier application is
permitted.
Paragraphs B10 and B11 refer to IFRS 9. If an entity applies this IFRS but does
not yet apply IFRS 9, the references in paragraphs B10 and B11 to IFRS 9 shall
be read as references to IAS 39 Financial Instruments: Recognition and
Measurement.
Annual Improvements 2009–2011 Cycle, issued in May 2012, added paragraphs
4A–4B and 23A–23B. An entity shall apply that amendment retrospectively in
accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors for annual periods beginning on or after 1 January 2013. Earlier
application is permitted. If an entity applies that amendment for an earlier
period it shall disclose that fact.
Annual Improvements 2009–2011 Cycle, issued in May 2012, amended
paragraph D23. An entity shall apply that amendment retrospectively in
accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors for annual periods beginning on or after 1 January 2013. Earlier
application is permitted. If an entity applies that amendment for an earlier
period it shall disclose that fact.
Annual Improvements 2009–2011 Cycle, issued in May 2012, amended
paragraph 21. An entity shall apply that amendment retrospectively in
accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors for annual periods beginning on or after 1 January 2013. Earlier
application is permitted. If an entity applies that amendment for an earlier
period it shall disclose that fact.
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in
Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12),
issued in June 2012, amended paragraph D31. An entity shall apply that
amendment when it applies IFRS 11 (as amended in June 2012).
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in
October 2012, amended paragraphs D16, D17 and Appendix C. An entity shall
apply those amendments for annual periods beginning on or after 1 January
2014. Earlier application of Investment Entities is permitted. If an entity applies
those amendments earlier it shall also apply all amendments included in
Investment Entities at the same time.
[Deleted]

IFRS 14 Regulatory Deferral Accounts, issued in January 2014, amended
paragraph D8B. An entity shall apply that amendment for annual periods
beginning on or after 1 January 2016. Earlier application is permitted. If an
entity applies IFRS 14 for an earlier period, the amendment shall be applied
for that earlier period.
Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11),
issued in May 2014, amended paragraph C5. An entity shall apply that
amendment in annual periods beginning on or after 1 January 2016. If an
entity applies related amendments to IFRS 11 from Accounting for Acquisitions of
Interests in Joint Operations (Amendments to IFRS 11) in an earlier period, the
amendment to paragraph C5 shall be applied in that earlier period.
IFRS 15 Revenue from Contracts with Customers, issued in May 2014, amended
paragraph D1, deleted paragraph D24 and its related heading and added
paragraphs D34–D35 and their related heading. An entity shall apply those
amendments when it applies IFRS 15.
IFRS 9 Financial Instruments, as issued in July 2014, amended paragraphs 29,
B1–B6, D1, D14, D15, D19 and D20, deleted paragraphs 39B, 39G and 39U and
added paragraphs 29A, B8–B8G, B9, D19A–D19C, D33, E1 and E2. An entity
shall apply those amendments when it applies IFRS 9.
Equity Method in Separate Financial Statements (Amendments to IAS 27), issued in
August 2014, amended paragraph D14 and added paragraph D15A. An entity
shall apply those amendments for annual periods beginning on or after
1 January 2016. Earlier application is permitted. If an entity applies those
amendments for an earlier period, it shall disclose that fact.
[Deleted]
IFRS 16 Leases, issued in January 2016, amended paragraphs 30, C4, D1, D7,
D8B and D9, deleted paragraph D9A and added paragraphs D9B–D9E. An
entity shall apply those amendments when it applies IFRS 16.
IFRIC 22 Foreign Currency Transactions and Advance Consideration added
paragraph D36 and amended paragraph D1. An entity shall apply that
amendment when it applies IFRIC 22.
Annual Improvements to IFRS Standards 2014–2016 Cycle, issued in December
2016, amended paragraphs 39L and 39T and deleted paragraphs 39D, 39F,
39AA and E3–E7. An entity shall apply those amendments for annual periods
beginning on or after 1 January 2018.
IFRS 17 Insurance Contracts, issued in May 2017, amended paragraphs B1 and
D1, deleted the heading before paragraph D4 and paragraph D4, and after
paragraph B12 added a heading and paragraph B13. An entity shall apply
those amendments when it applies IFRS 17.
IFRIC 23 Uncertainty over Income Tax Treatments added paragraph E8. An entity
shall apply that amendment when it applies IFRIC 23.

Annual Improvements to IFRS Standards 2018–2020, issued in May 2020, amended
paragraph D1(f) and added paragraph D13A. An entity shall apply that
amendment for annual reporting periods beginning on or after 1 January
2022. Earlier application is permitted. If an entity applies the amendment for
an earlier period, it shall disclose that fact.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction, issued
in May 2021, amended paragraph B1 and added paragraph B14. An entity shall
apply these amendments for annual reporting periods beginning on or after
1 January 2023. Earlier application is permitted. If an entity applies the
amendments for an earlier period, it shall disclose that fact.


Withdrawal of IFRS 1 (issued 2003)


This IFRS supersedes IFRS 1 (issued in 2003 and amended at May 2008).

Appendix A
Defined terms


This appendix is an integral part of the IFRS.
date of transition to
IFRSs

The beginning of the earliest period for which an entity
presents full comparative information under IFRSs in its first
IFRS financial statements.

deemed cost An amount used as a surrogate for cost or depreciated cost at a
given date. Subsequent depreciation or amortisation assumes
that the entity had initially recognised the asset or liability at
the given date and that its cost was equal to the deemed cost.
fair value Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date. (See IFRS 13.)

first IFRS financial
statements

The first annual financial statements in which an entity adopts
International Financial Reporting Standards (IFRSs), by an
explicit and unreserved statement of compliance with IFRSs.

first IFRS reporting
period

The latest reporting period covered by an entity’s first IFRS
financial statements.

first-time adopter An entity that presents its first IFRS financial statements.
International
Financial Reporting
Standards (IFRSs)

Standards and Interpretations issued by the International
Accounting Standards Board (IASB). They comprise:
(a) International Financial Reporting Standards;
(b) International Accounting Standards;
(c) IFRIC Interpretations; and
(d) SIC Interpretations.1

opening IFRS
statement of financial
position

An entity’s statement of financial position at the date of
transition to IFRSs.

previous GAAP The basis of accounting that a first-time adopter used

immediately before adopting IFRSs.

Appendix B
Exceptions to the retrospective application of other IFRSs


This appendix is an integral part of the IFRS.
An entity shall apply the following exceptions:
(a) derecognition of financial assets and financial liabilities (paragraphs B2
and B3);
(b) hedge accounting (paragraphs B4–B6);
(c) non-controlling interests (paragraph B7);
(d) classification and measurement of financial assets (paragraphs
B8–B8C);
(e) impairment of financial assets (paragraphs B8D–B8G);
(f) embedded derivatives (paragraph B9);
(g) government loans (paragraphs B10–B12);
(h) insurance contracts (paragraph B13); and
(i) deferred tax related to leases and decommissioning, restoration and
similar liabilities (paragraph B14).


Derecognition of financial assets and financial liabilities


Except as permitted by paragraph B3, a first-time adopter shall apply the
derecognition requirements in IFRS 9 prospectively for transactions occurring
on or after the date of transition to IFRSs. For example, if a first-time adopter
derecognised non-derivative financial assets or non-derivative financial
liabilities in accordance with its previous GAAP as a result of a transaction
that occurred before the date of transition to IFRSs, it shall not recognise
those assets and liabilities in accordance with IFRSs (unless they qualify for
recognition as a result of a later transaction or event).
Despite paragraph B2, an entity may apply the derecognition requirements in
IFRS 9 retrospectively from a date of the entity’s choosing, provided that the
information needed to apply IFRS 9 to financial assets and financial liabilities
derecognized as a result of past transactions was obtained at the time of
initially accounting for those transactions.


Hedge accounting


As required by IFRS 9, at the date of transition to IFRSs an entity shall:
(a) measure all derivatives at fair value; and
(b) eliminate all deferred losses and gains arising on derivatives that were
reported in accordance with previous GAAP as if they were assets or
liabilities.

An entity shall not reflect in its opening IFRS statement of financial position a
hedging relationship of a type that does not qualify for hedge accounting in
accordance with IFRS 9 (for example, many hedging relationships where the
hedging instrument is a stand-alone written option or a net written option; or
where the hedged item is a net position in a cash flow hedge for another risk
than foreign currency risk). However, if an entity designated a net position as
a hedged item in accordance with previous GAAP, it may designate as a
hedged item in accordance with IFRSs an individual item within that net
position, or a net position if that meets the requirements in paragraph 6.6.1 of
IFRS 9, provided that it does so no later than the date of transition to IFRSs.
If, before the date of transition to IFRSs, an entity had designated a
transaction as a hedge but the hedge does not meet the conditions for hedge
accounting in IFRS 9, the entity shall apply paragraphs 6.5.6 and 6.5.7 of
IFRS 9 to discontinue hedge accounting. Transactions entered into before the
date of transition to IFRSs shall not be retrospectively designated as hedges.


Non-controlling interests


A first-time adopter shall apply the following requirements of IFRS 10
prospectively from the date of transition to IFRSs:
(a) the requirement in paragraph B94 that total comprehensive income is
attributed to the owners of the parent and to the non-controlling
interests even if this results in the non-controlling interests having a
deficit balance;
(b) the requirements in paragraphs 23 and B96 for accounting for changes
in the parent’s ownership interest in a subsidiary that do not result in
a loss of control; and
(c) the requirements in paragraphs B97–B99 for accounting for a loss of
control over a subsidiary, and the related requirements of
paragraph 8A of IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations.
However, if a first-time adopter elects to apply IFRS 3 retrospectively to past
business combinations, it shall also apply IFRS 10 in accordance with
paragraph C1 of this IFRS.


Classification and measurement of financial instruments


An entity shall assess whether a financial asset meets the conditions in
paragraph 4.1.2 of IFRS 9 or the conditions in paragraph 4.1.2A of IFRS 9 on
the basis of the facts and circumstances that exist at the date of transition to
IFRSs.
If it is impracticable to assess a modified time value of money element in
accordance with paragraphs B4.1.9B–B4.1.9D of IFRS 9 on the basis of the facts
and circumstances that exist at the date of transition to IFRSs, an entity shall
assess the contractual cash flow characteristics of that financial asset on the
basis of the facts and circumstances that existed at the date of transition to
IFRSs without taking into account the requirements related to the modification of the time value of money element in paragraphs
B4.1.9B–B4.1.9D of IFRS 9. (In this case, the entity shall also apply
paragraph 42R of IFRS 7 but references to ‘paragraph 7.2.4 of IFRS 9’ shall be
read to mean this paragraph and references to ‘initial recognition of the
financial asset’ shall be read to mean ‘at the date of transition to IFRSs’.)
If it is impracticable to assess whether the fair value of a prepayment feature
is insignificant in accordance with paragraph B4.1.12(c) of IFRS 9 on the basis
of the facts and circumstances that exist at the date of transition to IFRSs, an
entity shall assess the contractual cash flow characteristics of that financial
asset on the basis of the facts and circumstances that existed at the date of
transition to IFRSs without taking into account the exception for prepayment
features in paragraph B4.1.12 of IFRS 9. (In this case, the entity shall also
apply paragraph 42S of IFRS 7 but references to ‘paragraph 7.2.5 of IFRS 9’
shall be read to mean this paragraph and references to ‘initial recognition of
the financial asset’ shall be read to mean ‘at the date of transition to IFRSs’.)
If it is impracticable (as defined in IAS 8) for an entity to apply retrospectively
the effective interest method in IFRS 9, the fair value of the financial asset or
the financial liability at the date of transition to IFRSs shall be the new gross
carrying amount of that financial asset or the new amortised cost of that
financial liability at the date of transition to IFRSs.


Impairment of financial assets


An entity shall apply the impairment requirements in Section 5.5 of IFRS 9
retrospectively subject to paragraphs B8E–B8G and E1–E2.
At the date of transition to IFRSs, an entity shall use reasonable and
supportable information that is available without undue cost or effort to
determine the credit risk at the date that financial instruments were initially
recognised (or for loan commitments and financial guarantee contracts the
date that the entity became a party to the irrevocable commitment in
accordance with paragraph 5.5.6 of IFRS 9) and compare that to the credit risk
at the date of transition to IFRSs (also see paragraphs B7.2.2–B7.2.3 of IFRS 9).
When determining whether there has been a significant increase in credit risk
since initial recognition, an entity may apply:
(a) the requirements in paragraph 5.5.10 and B5.5.22–B5.5.24 of IFRS 9;
and
(b) the rebuttable presumption in paragraph 5.5.11 of IFRS 9 for
contractual payments that are more than 30 days past due if an entity
will apply the impairment requirements by identifying significant
increases in credit risk since initial recognition for those financial
instruments on the basis of past due information.
If, at the date of transition to IFRSs, determining whether there has been a
significant increase in credit risk since the initial recognition of a financial
instrument would require undue cost or effort, an entity shall recognise a loss
allowance at an amount equal to lifetime expected credit losses at each
reporting date until that financial instrument is derecognised (unless that

financial instrument is low credit risk at a reporting date, in which case
paragraph B8F(a) applies).


Embedded derivatives


A first-time adopter shall assess whether an embedded derivative is required
to be separated from the host contract and accounted for as a derivative on
the basis of the conditions that existed at the later of the date it first became a
party to the contract and the date a reassessment is required by
paragraph B4.3.11 of IFRS 9.


Government loans


A first-time adopter shall classify all government loans received as a financial
liability or an equity instrument in accordance with IAS 32 Financial
Instruments: Presentation. Except as permitted by paragraph B11, a first-time
adopter shall apply the requirements in IFRS 9 Financial Instruments and IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
prospectively to government loans existing at the date of transition to IFRSs
and shall not recognise the corresponding benefit of the government loan at a

below-market rate of interest as a government grant. Consequently, if a first-
time adopter did not, under its previous GAAP, recognise and measure a

government loan at a below-market rate of interest on a basis consistent with
IFRS requirements, it shall use its previous GAAP carrying amount of the loan
at the date of transition to IFRSs as the carrying amount of the loan in the
opening IFRS statement of financial position. An entity shall apply IFRS 9 to
the measurement of such loans after the date of transition to IFRSs.
Despite paragraph B10, an entity may apply the requirements in IFRS 9 and
IAS 20 retrospectively to any government loan originated before the date of
transition to IFRSs, provided that the information needed to do so had been
obtained at the time of initially accounting for that loan.
The requirements and guidance in paragraphs B10 and B11 do not preclude an
entity from being able to use the exemptions described in paragraphs
D19–D19C relating to the designation of previously recognised financial
instruments at fair value through profit or loss.


Insurance contracts


An entity shall apply the transition provisions in paragraphs C1–C24 and C28
in Appendix C of IFRS 17 to contracts within the scope of IFRS 17. The
references in those paragraphs in IFRS 17 to the transition date shall be read
as the date of transition to IFRSs.


Deferred tax related to leases and decommissioning,
restoration and similar liabilities


Paragraphs 15 and 24 of IAS 12 Income Taxes exempt an entity from recognising
a deferred tax asset or liability in particular circumstances. Despite this
exemption, at the date of transition to IFRSs, a first-time adopter shall
recognise a deferred tax asset—to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can
be utilised—and a deferred tax liability for all deductible and taxable
temporary differences associated with:
(a) right-of-use assets and lease liabilities; and
(b) decommissioning, restoration and similar liabilities and the
corresponding amounts recognized as part of the cost of the related
asset.

Appendix C
Exemptions for business combinations


This appendix is an integral part of the IFRS. An entity shall apply the following requirements to
business combinations that the entity recognised before the date of transition to IFRSs. This Appendix
should only be applied to business combinations within the scope of IFRS 3 Business Combinations.
A first-time adopter may elect not to apply IFRS 3 retrospectively to past
business combinations (business combinations that occurred before the date
of transition to IFRSs). However, if a first-time adopter restates any business
combination to comply with IFRS 3, it shall restate all later business
combinations and shall also apply IFRS 10 from that same date. For example,
if a first-time adopter elects to restate a business combination that occurred
on 30 June 20X6, it shall restate all business combinations that occurred
between 30 June 20X6 and the date of transition to IFRSs, and it shall also
apply IFRS 10 from 30 June 20X6.
An entity need not apply IAS 21 The Effects of Changes in Foreign Exchange
Rates retrospectively to fair value adjustments and goodwill arising in business
combinations that occurred before the date of transition to IFRSs. If the entity
does not apply IAS 21 retrospectively to those fair value adjustments and
goodwill, it shall treat them as assets and liabilities of the entity rather than
as assets and liabilities of the acquiree. Therefore, those goodwill and fair
value adjustments either are already expressed in the entity’s functional
currency or are non-monetary foreign currency items, which are reported
using the exchange rate applied in accordance with previous GAAP.
An entity may apply IAS 21 retrospectively to fair value adjustments and
goodwill arising in either:
(a) all business combinations that occurred before the date of transition to
IFRSs; or
(b) all business combinations that the entity elects to restate to comply
with IFRS 3, as permitted by paragraph C1 above.
If a first-time adopter does not apply IFRS 3 retrospectively to a past business
combination, this has the following consequences for that business
combination:
(a) The first-time adopter shall keep the same classification (as an
acquisition by the legal acquirer, a reverse acquisition by the legal
acquiree, or a uniting of interests) as in its previous GAAP financial
statements.
(b) The first-time adopter shall recognise all its assets and liabilities at
the date of transition to IFRSs that were acquired or assumed in a past
business combination, other than:
(i) some financial assets and financial liabilities derecognised in
accordance with previous GAAP (see paragraph B2); and

(ii) assets, including goodwill, and liabilities that were not
recognised in the acquirer’s consolidated statement of financial
position in accordance with previous GAAP and also would not
qualify for recognition in accordance with IFRSs in the separate
statement of financial position of the acquiree (see (f)–(i) below).
The first-time adopter shall recognise any resulting change by
adjusting retained earnings (or, if appropriate, another category of
equity), unless the change results from the recognition of an intangible
asset that was previously subsumed within goodwill (see (g)(i) below).
(c) The first-time adopter shall exclude from its opening IFRS statement of
financial position any item recognised in accordance with previous
GAAP that does not qualify for recognition as an asset or liability
under IFRSs. The first-time adopter shall account for the resulting
change as follows:
(i) the first-time adopter may have classified a past business
combination as an acquisition and recognised as an intangible
asset an item that does not qualify for recognition as an asset in
accordance with IAS 38 Intangible Assets. It shall reclassify that
item (and, if any, the related deferred tax and non-controlling
interests) as part of goodwill (unless it deducted goodwill
directly from equity in accordance with previous GAAP, see (g)
(i) and (i) below).
(ii) the first-time adopter shall recognise all other resulting
changes in retained earnings.2

(d) IFRSs require subsequent measurement of some assets and liabilities
on a basis that is not based on original cost, such as fair value. The
first-time adopter shall measure these assets and liabilities on that
basis in its opening IFRS statement of financial position, even if they
were acquired or assumed in a past business combination. It shall
recognise any resulting change in the carrying amount by adjusting
retained earnings (or, if appropriate, another category of equity),
rather than goodwill.
(e) Immediately after the business combination, the carrying amount in
accordance with previous GAAP of assets acquired and liabilities
assumed in that business combination shall be their deemed cost in
accordance with IFRSs at that date. If IFRSs require a cost-based
measurement of those assets and liabilities at a later date, that deemed
cost shall be the basis for cost-based depreciation or amortisation from
the date of the business combination.

(f) If an asset acquired, or liability assumed, in a past business
combination was not recognised in accordance with previous GAAP, it
does not have a deemed cost of zero in the opening IFRS statement of
financial position. Instead, the acquirer shall recognise and measure it
in its consolidated statement of financial position on the basis that
IFRSs would require in the statement of financial position of the
acquiree. To illustrate: if the acquirer had not, in accordance with its
previous GAAP, capitalised leases acquired in a past business
combination in which the acquiree was a lessee, it shall capitalise
those leases in its consolidated financial statements,
as IFRS 16 Leases would require the acquiree to do in its IFRS statement
of financial position. Similarly, if the acquirer had not, in accordance
with its previous GAAP, recognised a contingent liability that still
exists at the date of transition to IFRSs, the acquirer shall recognise
that contingent liability at that date unless IAS 37 Provisions, Contingent
Liabilities and Contingent Assets would prohibit its recognition in the
financial statements of the acquiree. Conversely, if an asset or liability
was subsumed in goodwill in accordance with previous GAAP but
would have been recognised separately under IFRS 3, that asset or
liability remains in goodwill unless IFRSs would require its recognition
in the financial statements of the acquiree.
(g) The carrying amount of goodwill in the opening IFRS statement of
financial position shall be its carrying amount in accordance with
previous GAAP at the date of transition to IFRSs, after the following
two adjustments:
(i) If required by (c)(i) above, the first-time adopter shall increase
the carrying amount of goodwill when it reclassifies an item
that it recognised as an intangible asset in accordance with
previous GAAP. Similarly, if (f) above requires the first-time
adopter to recognise an intangible asset that was subsumed in
recognised goodwill in accordance with previous GAAP, the
first-time adopter shall decrease the carrying amount of
goodwill accordingly (and, if applicable, adjust deferred tax and
non-controlling interests).
(ii) Regardless of whether there is any indication that the goodwill
may be impaired, the first-time adopter shall apply IAS 36 in
testing the goodwill for impairment at the date of transition to
IFRSs and in recognising any resulting impairment loss in
retained earnings (or, if so required by IAS 36, in revaluation
surplus). The impairment test shall be based on conditions at
the date of transition to IFRSs.

(h) No other adjustments shall be made to the carrying amount of
goodwill at the date of transition to IFRSs. For example, the first-time
adopter shall not restate the carrying amount of goodwill:

(i) to exclude in-process research and development acquired in
that business combination (unless the related intangible asset
would qualify for recognition in accordance with IAS 38 in the
statement of financial position of the acquiree);
(ii) to adjust previous amortisation of goodwill;
(iii) to reverse adjustments to goodwill that IFRS 3 would not
permit, but were made in accordance with previous GAAP
because of adjustments to assets and liabilities between the
date of the business combination and the date of transition to
IFRSs.

(i) If the first-time adopter recognised goodwill in accordance with
previous GAAP as a deduction from equity:
(i) it shall not recognise that goodwill in its opening IFRS
statement of financial position. Furthermore, it shall not
reclassify that goodwill to profit or loss if it disposes of the
subsidiary or if the investment in the subsidiary becomes
impaired.
(ii) adjustments resulting from the subsequent resolution of a
contingency affecting the purchase consideration shall be
recognised in retained earnings.

(j) In accordance with its previous GAAP, the first-time adopter may not
have consolidated a subsidiary acquired in a past business combination
(for example, because the parent did not regard it as a subsidiary in
accordance with previous GAAP or did not prepare consolidated
financial statements). The first-time adopter shall adjust the carrying
amounts of the subsidiary’s assets and liabilities to the amounts that
IFRSs would require in the subsidiary’s statement of financial position.
The deemed cost of goodwill equals the difference at the date of
transition to IFRSs between:
(i) the parent’s interest in those adjusted carrying amounts; and
(ii) the cost in the parent’s separate financial statements of its
investment in the subsidiary.

(k) The measurement of non-controlling interests and deferred tax follows
from the measurement of other assets and liabilities. Therefore, the
above adjustments to recognised assets and liabilities affect
non-controlling interests and deferred tax.
The exemption for past business combinations also applies to past acquisitions
of investments in associates, interests in joint ventures and interests in joint
operations in which the activity of the joint operation constitutes a business,
as defined in IFRS 3. Furthermore, the date selected for paragraph C1 applies
equally for all such acquisitions.

Appendix D
Exemptions from other IFRSs


This appendix is an integral part of the IFRS.
An entity may elect to use one or more of the following exemptions:
(a) share-based payment transactions (paragraphs D2 and D3);
(b) [deleted]
(c) deemed cost (paragraphs D5–D8B);
(d) leases (paragraphs D9 and D9B–D9E);
(e) [deleted]
(f) cumulative translation differences (paragraphs D12–D13A);
(g) investments in subsidiaries, joint ventures and associates
(paragraphs D14–D15A);
(h) assets and liabilities of subsidiaries, associates and joint ventures
(paragraphs D16 and D17);
(i) compound financial instruments (paragraph D18);
(j) designation of previously recognised financial instruments (paragraphs
D19–D19C);
(k) fair value measurement of financial assets or financial liabilities at
initial recognition (paragraph D20);
(l) decommissioning liabilities included in the cost of property, plant and
equipment (paragraphs D21 and D21A);
(m) financial assets or intangible assets accounted for in accordance
with IFRIC 12 Service Concession Arrangements (paragraph D22);
(n) borrowing costs (paragraph D23);
(o) [deleted]
(p) extinguishing financial liabilities with equity instruments
(paragraph D25);
(q) severe hyperinflation (paragraphs D26–D30);
(r) joint arrangements (paragraph D31);
(s) stripping costs in the production phase of a surface mine
(paragraph D32);
(t) designation of contracts to buy or sell a non-financial item
(paragraph D33);
(u) revenue (paragraphs D34 and D35); and

(v) foreign currency transactions and advance consideration
(paragraph D36).
An entity shall not apply these exemptions by analogy to other items.


Share-based payment transactions


A first-time adopter is encouraged, but not required, to apply IFRS 2
Share-based Payment to equity instruments that were granted on or before
7 November 2002. A first-time adopter is also encouraged, but not required, to
apply IFRS 2 to equity instruments that were granted after 7 November 2002
and vested before the later of (a) the date of transition to IFRSs and (b)
1 January 2005. However, if a first-time adopter elects to apply IFRS 2 to such
equity instruments, it may do so only if the entity has disclosed publicly the
fair value of those equity instruments, determined at the measurement date,
as defined in IFRS 2. For all grants of equity instruments to which IFRS 2 has
not been applied (eg equity instruments granted on or before 7 November
2002), a first-time adopter shall nevertheless disclose the information required
by paragraphs 44 and 45 of IFRS 2. If a first-time adopter modifies the terms or
conditions of a grant of equity instruments to which IFRS 2 has not been
applied, the entity is not required to apply paragraphs 26–29 of IFRS 2 if the
modification occurred before the date of transition to IFRSs.
A first-time adopter is encouraged, but not required, to apply IFRS 2 to
liabilities arising from share-based payment transactions that were settled
before the date of transition to IFRSs. A first-time adopter is also encouraged,
but not required, to apply IFRS 2 to liabilities that were settled before
1 January 2005. For liabilities to which IFRS 2 is applied, a first-time adopter is
not required to restate comparative information to the extent that the
information relates to a period or date that is earlier than 7 November 2002.
[Deleted]


Deemed cost


An entity may elect to measure an item of property, plant and equipment at
the date of transition to IFRSs at its fair value and use that fair value as
its deemed cost at that date.
A first-time adopter may elect to use a previous GAAP revaluation of an item
of property, plant and equipment at, or before, the date of transition to
IFRSs as deemed cost at the date of the revaluation, if the revaluation was, at
the date of the revaluation, broadly comparable to:
(a) fair value; or
(b) cost or depreciated cost in accordance with IFRSs, adjusted to reflect,
for example, changes in a general or specific price index.
The elections in paragraphs D5 and D6 are also available for:
(a) investment property, if an entity elects to use the cost model in IAS 40
Investment Property;

(aa) right-of-use assets (IFRS 16 Leases); and
(b) intangible assets that meet:
(i) the recognition criteria in IAS 38 (including reliable
measurement of original cost); and
(ii) the criteria in IAS 38 for revaluation (including the existence of
an active market).

An entity shall not use these elections for other assets or for liabilities.
A first-time adopter may have established a deemed cost in accordance
with previous GAAP for some or all of its assets and liabilities by measuring
them at their fair value at one particular date because of an event such as a
privatisation or initial public offering.
(a) If the measurement date is at or before the date of transition to IFRSs,
the entity may use such event-driven fair value measurements as
deemed cost for IFRSs at the date of that measurement.
(b) If the measurement date is after the date of transition to IFRSs, but
during the period covered by the first IFRS financial statements, the
event-driven fair value measurements may be used as deemed cost
when the event occurs. An entity shall recognise the resulting
adjustments directly in retained earnings (or if appropriate, another
category of equity) at the measurement date. At the date of transition
to IFRSs, the entity shall either establish the deemed cost by applying
the criteria in paragraphs D5–D7 or measure assets and liabilities in
accordance with the other requirements in this IFRS.
Under some national accounting requirements exploration and development
costs for oil and gas properties in the development or production phases are
accounted for in cost centres that include all properties in a large geographical
area. A first-time adopter using such accounting under previous GAAP may
elect to measure oil and gas assets at the date of transition to IFRSs on the
following basis:
(a) exploration and evaluation assets at the amount determined under the
entity’s previous GAAP; and
(b) assets in the development or production phases at the amount
determined for the cost centre under the entity’s previous GAAP. The
entity shall allocate this amount to the cost centre’s underlying assets
pro rata using reserve volumes or reserve values as of that date.
The entity shall test exploration and evaluation assets and assets in the
development and production phases for impairment at the date of transition
to IFRSs in accordance with IFRS 6 Exploration for and Evaluation of Mineral
Resources or IAS 36 respectively and, if necessary, reduce the amount
determined in accordance with (a) or (b) above. For the purposes of this
paragraph, oil and gas assets comprise only those assets used in the
exploration, evaluation, development or production of oil and gas.

Some entities hold items of property, plant and equipment, right-of-use assets
or intangible assets that are used, or were previously used, in operations
subject to rate regulation. The carrying amount of such items might include
amounts that were determined under previous GAAP but do not qualify for
capitalisation in accordance with IFRSs. If this is the case, a first-time adopter
may elect to use the previous GAAP carrying amount of such an item at the
date of transition to IFRSs as deemed cost. If an entity applies this exemption
to an item, it need not apply it to all items. At the date of transition to IFRSs,
an entity shall test for impairment in accordance with IAS 36 each item for
which this exemption is used. For the purposes of this paragraph, operations
are subject to rate regulation if they are governed by a framework for
establishing the prices that can be charged to customers for goods or services
and that framework is subject to oversight and/or approval by a rate regulator
(as defined in IFRS 14 Regulatory Deferral Accounts).


Leases


A first-time adopter may assess whether a contract existing at the date of
transition to IFRSs contains a lease by applying paragraphs 9–11 of IFRS 16 to
those contracts on the basis of facts and circumstances existing at that date.
[Deleted]

When a first-time adopter that is a lessee recognises lease liabilities and right-
of-use assets, it may apply the following approach to all of its leases (subject to

the practical expedients described in paragraph D9D):
(a) measure a lease liability at the date of transition to IFRSs. A lessee
following this approach shall measure that lease liability at the present
value of the remaining lease payments (see paragraph D9E), discounted
using the lessee’s incremental borrowing rate (see paragraph D9E) at
the date of transition to IFRSs.
(b) measure a right-of-use asset at the date of transition to IFRSs. The

lessee shall choose, on a lease-by-lease basis, to measure that right-of-
use asset at either:

(i) its carrying amount as if IFRS 16 had been applied since the
commencement date of the lease (see paragraph D9E), but
discounted using the lessee’s incremental borrowing rate at the
date of transition to IFRSs; or
(ii) an amount equal to the lease liability, adjusted by the amount
of any prepaid or accrued lease payments relating to that lease
recognised in the statement of financial position immediately
before the date of transition to IFRSs.

(c) apply IAS 36 to right-of-use assets at the date of transition to IFRSs.

Notwithstanding the requirements in paragraph D9B, a first-time adopter that
is a lessee shall measure the right-of-use asset at fair value at the date of
transition to IFRSs for leases that meet the definition of investment property
in IAS 40 and are measured using the fair value model in IAS 40 from the date
of transition to IFRSs.
A first-time adopter that is a lessee may do one or more of the following at
the date of transition to IFRSs, applied on a lease-by-lease basis:
(a) apply a single discount rate to a portfolio of leases with reasonably
similar characteristics (for example, a similar remaining lease term for
a similar class of underlying asset in a similar economic environment).
(b) elect not to apply the requirements in paragraph D9B to leases for
which the lease term (see paragraph D9E) ends within 12 months of
the date of transition to IFRSs. Instead, the entity shall account for
(including disclosure of information about) these leases as if they were
short-term leases accounted for in accordance with paragraph 6 of
IFRS 16.
(c) elect not to apply the requirements in paragraph D9B to leases for
which the underlying asset is of low value (as described in paragraphs
B3–B8 of IFRS 16). Instead, the entity shall account for (including
disclosure of information about) these leases in accordance with
paragraph 6 of IFRS 16.
(d) exclude initial direct costs (see paragraph D9E) from the measurement
of the right-of-use asset at the date of transition to IFRSs.
(e) use hindsight, such as in determining the lease term if the contract
contains options to extend or terminate the lease.
Lease payments, lessee, lessee’s incremental borrowing rate, commencement
date of the lease, initial direct costs and lease term are defined terms in
IFRS 16 and are used in this Standard with the same meaning.
[Deleted]


Cumulative translation differences


IAS 21 requires an entity:
(a) to recognise some translation differences in other comprehensive
income and accumulate these in a separate component of equity; and
(b) on disposal of a foreign operation, to reclassify the cumulative
translation difference for that foreign operation (including, if
applicable, gains and losses on related hedges) from equity to profit or
loss as part of the gain or loss on disposal.
However, a first-time adopter need not comply with these requirements for
cumulative translation differences that existed at the date of transition to
IFRSs. If a first-time adopter uses this exemption:

(a) the cumulative translation differences for all foreign operations are
deemed to be zero at the date of transition to IFRSs; and
(b) the gain or loss on a subsequent disposal of any foreign operation shall
exclude translation differences that arose before the date of transition
to IFRSs and shall include later translation differences.
Instead of applying paragraph D12 or paragraph D13, a subsidiary that uses
the exemption in paragraph D16(a) may elect, in its financial statements, to
measure cumulative translation differences for all foreign operations at the
carrying amount that would be included in the parent’s consolidated financial
statements, based on the parent’s date of transition to IFRSs, if no adjustments
were made for consolidation procedures and for the effects of the business
combination in which the parent acquired the subsidiary. A similar election is
available to an associate or joint venture that uses the exemption in
paragraph D16(a).


Investments in subsidiaries, joint ventures and
associates


When an entity prepares separate financial statements, IAS 27 requires it to
account for its investments in subsidiaries, joint ventures and associates
either:
(a) at cost;
(b) in accordance with IFRS 9; or
(c) using the equity method as described in IAS 28.
If a first-time adopter measures such an investment at cost in accordance with
IAS 27, it shall measure that investment at one of the following amounts in its
separate opening IFRS statement of financial position:
(a) cost determined in accordance with IAS 27; or
(b) deemed cost. The deemed cost of such an investment shall be its:
(i) fair value at the entity’s date of transition to IFRSs in its
separate financial statements; or
(ii) previous GAAP carrying amount at that date.
A first-time adopter may choose either (i) or (ii) above to measure its
investment in each subsidiary, joint venture or associate that it elects
to measure using a deemed cost.
If a first-time adopter accounts for such an investment using the equity
method procedures as described in IAS 28:
(a) the first-time adopter applies the exemption for past business
combinations (Appendix C) to the acquisition of the investment.
(b) if the entity becomes a first-time adopter for its separate financial
statements earlier than for its consolidated financial statements, and

(i) later than its parent, the entity shall apply paragraph D16 in its
separate financial statements.
(ii) later than its subsidiary, the entity shall apply paragraph D17
in its separate financial statements.

Assets and liabilities of subsidiaries, associates and joint
ventures


If a subsidiary becomes a first-time adopter later than its parent, the
subsidiary shall, in its financial statements, measure its assets and liabilities at
either:
(a) the carrying amounts that would be included in the parent’s
consolidated financial statements, based on the parent’s date of
transition to IFRSs, if no adjustments were made for consolidation
procedures and for the effects of the business combination in which
the parent acquired the subsidiary (this election is not available to a
subsidiary of an investment entity, as defined in IFRS 10, that is
required to be measured at fair value through profit or loss); or
(b) the carrying amounts required by the rest of this IFRS, based on the
subsidiary’s date of transition to IFRSs. These carrying amounts could
differ from those described in (a):
(i) when the exemptions in this IFRS result in measurements that
depend on the date of transition to IFRSs.
(ii) when the accounting policies used in the subsidiary’s financial
statements differ from those in the consolidated financial
statements. For example, the subsidiary may use as its
accounting policy the cost model in IAS 16 Property, Plant and
Equipment, whereas the group may use the revaluation model.
A similar election is available to an associate or joint venture that becomes a
first-time adopter later than an entity that has significant influence or joint
control over it.
However, if an entity becomes a first-time adopter later than its subsidiary (or
associate or joint venture) the entity shall, in its consolidated financial
statements, measure the assets and liabilities of the subsidiary (or associate or
joint venture) at the same carrying amounts as in the financial statements of
the subsidiary (or associate or joint venture), after adjusting for consolidation
and equity accounting adjustments and for the effects of the business
combination in which the entity acquired the subsidiary. Notwithstanding
this requirement, a non-investment entity parent shall not apply the
exception to consolidation that is used by any investment entity subsidiaries.
Similarly, if a parent becomes a first-time adopter for its separate financial
statements earlier or later than for its consolidated financial statements, it
shall measure its assets and liabilities at the same amounts in both financial
statements, except for consolidation adjustments.

Compound financial instruments


IAS 32 Financial Instruments: Presentation requires an entity to split a compound
financial instrument at inception into separate liability and equity
components. If the liability component is no longer outstanding, retrospective
application of IAS 32 involves separating two portions of equity. The first
portion is in retained earnings and represents the cumulative interest accreted
on the liability component. The other portion represents the original equity
component. However, in accordance with this IFRS, a first-time adopter need
not separate these two portions if the liability component is no longer
outstanding at the date of transition to IFRSs.


Designation of previously recognized financial
instruments


IFRS 9 permits a financial liability (provided it meets certain criteria) to be
designated as a financial liability at fair value through profit or loss. Despite
this requirement an entity is permitted to designate, at the date of transition
to IFRSs, any financial liability as at fair value through profit or loss provided
the liability meets the criteria in paragraph 4.2.2 of IFRS 9 at that date.
An entity may designate a financial asset as measured at fair value through
profit or loss in accordance with paragraph 4.1.5 of IFRS 9 on the basis of the
facts and circumstances that exist at the date of transition to IFRSs.
An entity may designate an investment in an equity instrument as at fair
value through other comprehensive income in accordance with
paragraph 5.7.5 of IFRS 9 on the basis of the facts and circumstances that exist
at the date of transition to IFRSs.
For a financial liability that is designated as a financial liability at fair value
through profit or loss, an entity shall determine whether the treatment in
paragraph 5.7.7 of IFRS 9 would create an accounting mismatch in profit or
loss on the basis of the facts and circumstances that exist at the date of
transition to IFRSs.


Fair value measurement of financial assets or financial
liabilities at initial recognition


Despite the requirements of paragraphs 7 and 9, an entity may apply the
requirements in paragraph B5.1.2A(b) of IFRS 9 prospectively to transactions
entered into on or after the date of transition to IFRSs.


Decommissioning liabilities included in the cost of property, plant and equipment


IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
requires specified changes in a decommissioning, restoration or similar
liability to be added to or deducted from the cost of the asset to which it
relates; the adjusted depreciable amount of the asset is then depreciated
prospectively over its remaining useful life. A first-time adopter need not
comply with these requirements for changes in such liabilities that occurred before the date of transition to IFRSs. If a first-time adopter uses this
exemption, it shall:
(a) measure the liability as at the date of transition to IFRSs in accordance
with IAS 37;
(b) to the extent that the liability is within the scope of IFRIC 1, estimate
the amount that would have been included in the cost of the related
asset when the liability first arose, by discounting the liability to that
date using its best estimate of the historical risk-adjusted discount
rate(s) that would have applied for that liability over the intervening
period; and
(c) calculate the accumulated depreciation on that amount, as at the date
of transition to IFRSs, on the basis of the current estimate of the useful
life of the asset, using the depreciation policy adopted by the entity in
accordance with IFRSs.
An entity that uses the exemption in paragraph D8A(b) (for oil and gas assets
in the development or production phases accounted for in cost centres that
include all properties in a large geographical area under previous GAAP) shall,
instead of applying paragraph D21 or IFRIC 1:
(a) measure decommissioning, restoration and similar liabilities as at the
date of transition to IFRSs in accordance with IAS 37; and
(b) recognise directly in retained earnings any difference between that
amount and the carrying amount of those liabilities at the date of
transition to IFRSs determined under the entity’s previous GAAP.


Financial assets or intangible assets accounted for in
accordance with IFRIC 12


A first-time adopter may apply the transitional provisions in IFRIC 12.


Borrowing costs


A first-time adopter can elect to apply the requirements of IAS 23 from the
date of transition or from an earlier date as permitted by paragraph 28 of
IAS 23. From the date on which an entity that applies this exemption begins to
apply IAS 23, the entity:
(a) shall not restate the borrowing cost component that was capitalised
under previous GAAP and that was included in the carrying amount of
assets at that date; and
(b) shall account for borrowing costs incurred on or after that date in
accordance with IAS 23, including those borrowing costs incurred on
or after that date on qualifying assets already under construction.
[Deleted]

Extinguishing financial liabilities with equity instruments


A first-time adopter may apply the transitional provisions in IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments.


Severe hyperinflation


If an entity has a functional currency that was, or is, the currency of a
hyperinflationary economy, it shall determine whether it was subject to
severe hyperinflation before the date of transition to IFRSs. This applies to
entities that are adopting IFRSs for the first time, as well as entities that have
previously applied IFRSs.
The currency of a hyperinflationary economy is subject to severe
hyperinflation if it has both of the following characteristics:
(a) a reliable general price index is not available to all entities with
transactions and balances in the currency.
(b) exchangeability between the currency and a relatively stable foreign
currency does not exist.
The functional currency of an entity ceases to be subject to severe
hyperinflation on the functional currency normalisation date. That is the date
when the functional currency no longer has either, or both, of the
characteristics in paragraph D27, or when there is a change in the entity’s
functional currency to a currency that is not subject to severe hyperinflation.
When an entity’s date of transition to IFRSs is on, or after, the functional
currency normalisation date, the entity may elect to measure all assets and
liabilities held before the functional currency normalisation date at fair value
on the date of transition to IFRSs. The entity may use that fair value as
the deemed cost of those assets and liabilities in the opening IFRS statement of
financial position.
When the functional currency normalisation date falls within a 12-month
comparative period, the comparative period may be less than 12 months,
provided that a complete set of financial statements (as required by
paragraph 10 of IAS 1) is provided for that shorter period.


Joint arrangements


A first-time adopter may apply the transition provisions in IFRS 11 with the
following exceptions:
(a) When applying the transition provisions in IFRS 11, a first-time
adopter shall apply these provisions at the date of transition to IFRS.
(b) When changing from proportionate consolidation to the equity
method, a first-time adopter shall test for impairment the investment
in accordance with IAS 36 as at the date of transition to IFRS,
regardless of whether there is any indication that the investment may
be impaired. Any resulting impairment shall be recognised as an
adjustment to retained earnings at the date of transition to IFRS.

Stripping costs in the production phase of a surface mine


A first-time adopter may apply the transitional provisions set out
in paragraphs A1 to A4 of IFRIC 20 Stripping Costs in the Production Phase of a
Surface Mine. In that paragraph, reference to the effective date shall be
interpreted as 1 January 2013 or the beginning of the first IFRS reporting
period, whichever is later.


Designation of contracts to buy or sell a non-financial
item


IFRS 9 permits some contracts to buy or sell a non-financial item to be
designated at inception as measured at fair value through profit or loss
(see paragraph 2.5 of IFRS 9). Despite this requirement an entity is permitted
to designate, at the date of transition to IFRSs, contracts that already exist on
that date as measured at fair value through profit or loss but only if they meet
the requirements of paragraph 2.5 of IFRS 9 at that date and the entity
designates all similar contracts.


Revenue


A first-time adopter may apply the transition provisions in paragraph C5 of
IFRS 15. In those paragraphs references to the ‘date of initial application’ shall be interpreted as the beginning of the first IFRS reporting period. If a first-
time adopter decides to apply those transition provisions, it shall also apply paragraph C6 of IFRS 15.
A first-time adopter is not required to restate contracts that were completed
before the earliest period presented. A completed contract is a contract for
which the entity has transferred all of the goods or services identified in
accordance with previous GAAP.


Foreign currency transactions and advance consideration


A first-time adopter need not apply IFRIC 22 Foreign Currency Transactions and
Advance Consideration to assets, expenses and income in the scope of that
Interpretation initially recognized before the date of transition to IFRS
Standards.

Appendix E
Short-term exemptions from IFRSs


This appendix is an integral part of the IFRS.


Exemption from the requirement to restate comparative
information for IFRS 9


If an entity’s first IFRS reporting period begins before 1 January 2019 and the
entity applies the completed version of IFRS 9 (issued in 2014), the
comparative information in the entity’s first IFRS financial statements need
not comply with IFRS 7 Financial Instruments: Disclosure or the completed version
of IFRS 9 (issued in 2014), to the extent that the disclosures required by IFRS 7
relate to items within the scope of IFRS 9. For such entities, references to the
‘date of transition to IFRSs’ shall mean, in the case of IFRS 7 and IFRS 9 (2014)
only, the beginning of the first IFRS reporting period.
An entity that chooses to present comparative information that does not
comply with IFRS 7 and the completed version of IFRS 9 (issued in 2014) in its
first year of transition shall:
(a) apply the requirements of its previous GAAP in place of the
requirements of IFRS 9 to comparative information about items within
the scope of IFRS 9.
(b) disclose this fact together with the basis used to prepare this
information.
(c) treat any adjustment between the statement of financial position at
the comparative period’s reporting date (ie the statement of financial
position that includes comparative information under previous GAAP)
and the statement of financial position at the start of the first IFRS
reporting period (ie the first period that includes information that
complies with IFRS 7 and the completed version of IFRS 9 (issued in
2014)) as arising from a change in accounting policy and give the
disclosures required by paragraph 28(a)–(e) and (f)(i) of
IAS 8. Paragraph 28(f)(i) applies only to amounts presented in the
statement of financial position at the comparative period’s reporting
date.
(d) apply paragraph 17(c) of IAS 1 to provide additional disclosures when
compliance with the specific requirements in IFRSs is insufficient to
enable users to understand the impact of particular transactions, other
events and conditions on the entity’s financial position and financial
performance.
[Deleted]

Uncertainty over income tax treatments


A first-time adopter whose date of transition to IFRSs is before 1 July 2017 may
elect not to reflect the application of IFRIC 23 Uncertainty over Income Tax
Treatments in comparative information in its first IFRS financial statements. An
entity that makes that election shall recognize the cumulative effect of
applying IFRIC 23 as an adjustment to the opening balance of retained
earnings (or other component of equity, as appropriate) at the beginning of its
first IFRS reporting period.

Approval by the Board of IFRS 1 issued in November 2008


International Financial Reporting Standard 1 First-time Adoption of International Financial
Reporting Standards (as revised in 2008) was approved for issue by the thirteen members of
the International Accounting Standards Board.3
Sir David Tweedie Chairman
Thomas E Jones Vice-Chairman
Mary E Barth
Stephen Cooper
Philippe Danjou
Jan Engström
Robert P Garnett
Gilbert Gélard
James J Leisenring
Warren J McGregor
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Approval by the Board of Additional Exemptions for First-time
Adopters (Amendments to IFRS 1) issued in July 2009


Additional Exemptions for First-time Adopters (Amendments to IFRS 1) was approved for issue
by the fourteen members of the International Accounting Standards Board.
Sir David Tweedie Chairman
Thomas E Jones Vice-Chairman
Mary E Barth
Stephen Cooper
Philippe Danjou
Jan Engström
Robert P Garnett
Gilbert Gélard
Prabhakar Kalavacherla
James J Leisenring
Warren J McGregor
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Approval by the Board of Limited Exemption from Comparative
IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1)
issued in January 2010


Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to
IFRS 1) was approved for issue by the fifteen members of the International Accounting
Standards Board.
Sir David Tweedie Chairman
Stephen Cooper
Philippe Danjou
Jan Engström
Patrick Finnegan
Robert P Garnett
Gilbert Gélard
Amaro Luiz de Oliveira Gomes
Prabhakar Kalavacherla
James J Leisenring
Patricia McConnell
Warren J McGregor
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Approval by the Board of Severe Hyperinflation and Removal of
Fixed Dates for First-time Adopters (Amendments to IFRS 1)
issued in December 2010


Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters was approved for issue
by the fifteen members of the International Accounting Standards Board.
Sir David Tweedie Chairman
Stephen Cooper
Philippe Danjou
Jan Engström
Patrick Finnegan
Amaro Luiz de Oliveira Gomes
Prabhakar Kalavacherla
Elke König
Patricia McConnell
Warren J McGregor
Paul Pacter
Darrel Scott
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Approval by the Board of Government Loans (Amendments to
IFRS 1) issued in March 2012


Government Loans (Amendments to IFRS 1) was approved for issue by the fourteen
members of the International Accounting Standards Board.
Hans Hoogervorst Chairman
Ian Mackintosh Vice-Chairman
Stephen Cooper
Philippe Danjou
Jan Engström
Patrick Finnegan
Amaro Luiz de Oliveira Gomes
Prabhakar Kalavacherla
Patricia McConnell
Takatsugu Ochi
Paul Pacter
Darrel Scott
John T Smith
Wei-Guo Zhang

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