IFRS 1 provides guidance for an entity's first-time adoption of International Financial Reporting Standards. It aims to ease the transition from previous GAAP to IFRS. The standard requires retrospective application of IFRSs with some exemptions allowed to reduce costs. It also provides guidance on recognition and measurement of assets and liabilities, and presentation and disclosure requirements in the financial statements on first-time adoption of IFRS.
Impacts of IFRS Adoption on Financial Statements: Issues & Challenges - Chartered Institute of Bankers of Nigeria (CIBN) workshop on IFRS Abuja - 28 - 29th July , 2016
Impacts of IFRS Adoption on Financial Statements: Issues & Challenges - Chartered Institute of Bankers of Nigeria (CIBN) workshop on IFRS Abuja - 28 - 29th July , 2016
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
IFRS Master Class Workshop, 30-31 March 2016Tahir Abbas
A training program providing you with a completely up-to-date practical analysis of the complex requirements of International Financial Reporting Standards.
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide.
this ppt describes about ifrs and its basic concept means its meaning and importance along with need of these ifrs
what is indian perspective of these ifrs and whats are various challenges in implementation of ifrs in Indian corporate sector
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
IFRS Master Class Workshop, 30-31 March 2016Tahir Abbas
A training program providing you with a completely up-to-date practical analysis of the complex requirements of International Financial Reporting Standards.
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide.
this ppt describes about ifrs and its basic concept means its meaning and importance along with need of these ifrs
what is indian perspective of these ifrs and whats are various challenges in implementation of ifrs in Indian corporate sector
Implementing IFRS 15: The new revenue recognition standardAnne-Marie Bisset
Implementing the new revenue standard, IFRS 15 Revenue from contracts with customers, will be a significant conversion project with significant impact for businesses.
Introduction to IFRS 1 - First-time Adoption of Internationa.pdfPriyakakhanna1
The document is concerning The International Accounting Standard in which it is stated that if any company wants to update their reports as per international standards what rules they had to follow.It is First time adoption of IFRS.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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4. First-Time Adoption of International
Financial Reporting Standards
Related standards
IFRS 1
Current GAAP comparisons
Looking ahead
End-of-chapter practice
4
5. IFRS 1 – Overview
Objective and scope
Recognition and measurement
Presentation and disclosure
5
6. IFRS 1 – Objective and Scope
This standard is meant to provide relief from the onerous task of conversion
and provides guidance on how to transition over to IFRSs
Application
An entity would apply this the first time it issues statements with an explicit and
unreserved statement that it is in compliance with IFRSs
In general, the standard requires retrospective application
This will allow users to have greater comparability
Two Warnings:
1. Cost benefit
-Difficult and time consuming to go back and collect the information needed to apply IFRSs
-Information may never have been captured by the entity’s accounting information systems
2. No hindsight
-Bias might be introduced when applying the standards retrospectively
6 -Only information that was available at the time may be used for estimates
7. IFRS 1 – Objective and Scope
The overall objective of the IFRS:
• Transparency
• Suitable starting point
• Costs do not exceed the benefits
First IFRS Statements
Two components:
1. Full adoption of IFRS
2. Explicit and unreserved statement of compliance with IFRSs
An entity’s financial statements are the first IFRS statements if
• Most recent financial statements were presented
o under national GAAP,
o in conformity with IFRSs but with no explicit statement to that effect,
o under national GAAP with partial application of IFRSs, or
o under national GAAP with a reconciliation of some amounts to IFRSs;
• Entity has prepared IFRS statements for internal use only;
• Entity has prepared an IFRS reporting package for consolidation purposes only; or
7 • Entity did not prepare financial statement at all previously
8. IFRS 1 – Recognition and Measurement
Opening IFRS Statement of Financial Position
Date of transition
Beginning of the first period for which comparative statements are presented
Accounting Policies
First reporting period
Period in which the entity first presents its IFRS statements
In Canada, this would be 2011 (with the balance sheet date December 31,
2011 for entities with a calendar year end)
The opening statement of financial position will
• Recognize all and only assets/liabilities required/allowed under IFRSs
• Present all assets/liabilities in accordance with IFRSs
• Measure all assets/liabilities in accordance with IFRSs
Any adjustments should be recognized through retained earnings at the date of
8 transition
9. IFRS 1 – Recognition and Measurement
Exemptions from other IFRSs
1. Business combinations
2. Fair value or revaluation as deemed cost
3. Employee benefits
4. Cumulative translation differences
5. Compound financial instruments
6. Assets and liabilities of subsidiaries, associates, and joint ventures
7. Designation of previously recognized financial instruments
8. Share-based payment transactions
9. Insurance contracts
10. Decommissioning liabilities included in the cost of property, plant, and equipment
11. Leases
12. Fair value measurement of financial assets or financial liabilities at initial
recognition
13. Financial asset or an intangible asset accounted for in accordance with IFRIC 12
14. Borrowing costs
Exemptions are meant to provide some relief from the fairly onerous task of
9 transitioning to IFRSs
10. IFRS 1 – Recognition and Measurement
Illustration 37-1 summarizes the exemptions under IFRS 1
10
13. IFRS 1 – Recognition and Measurement
Exemptions from the retrospective application
1. Derecognition of financial assets and financial liabilities
2. Hedge accounting
3. Estimates
4. Assets classified as held for sale and discontinued
operations
5. Some aspects of accounting for non-controlling interests
13
14. IFRS 1 – Recognition and Measurement
1. Derecognition of financial assets and financial liabilities
Applied prospectively for transactions occurring on or after January 1, 2004
Financial instruments already derecognized prior to that would not be
rerecognized
Entity is allowed to apply the derecognition provisions retrospectively
only if sufficient information is and was available at the time of initial
transaction
2. Hedge accounting
Hedging relationships (under a previous GAAP) that do not qualify as such
under IFRS should not be recognized on transition
Entity may not retrospectively designate hedges
3. Estimates
14 Entity may not use hindsight for estimates
15. IFRS 1 – Recognition and Measurement
4. Assets classified as held for sale and discontinued operations
IFRS 5 is to be applied retrospectively
Not available to entities with transition dates after January 1, 2005
5. Some aspects of accounting for non-controlling interests
Entity applies certain requirements from IAS 27 prospectively from the date
of transition
If it elects to apply IFRS 3 and IAS 21 retrospectively, it must also apply IAS
27 retrospectively
15
16. IFRS 1 – Presentation and Disclosure
Comparative information
Non-IFRS Comparative Information and Historical Summaries
Entities often present summary information of selected data
Not required under IFRSs
Where the entity provides additional comparatives under previous GAAP,
the entity must clearly label this as non-IFRS and provide additional
disclosures
Explanation of transition to IFRSs
General rule
Entity should explain how the transition affects its financial statements
16
17. IFRS 1 – Presentation and Disclosure
Reconciliations
• Equity under previous GAAP to equity under IFRSs
• Total comprehensive income under previous GAAP to
comprehensive
income under IFRSs
• Must include additional information about impairment booked on
transition
Designation of financial assets or financial liabilities
Designating a financial instrument as FVTPL
Additional information is required regarding fair values of those
specific instruments
17
18. IFRS 1 – Presentation and Disclosure
Use of fair value as deemed cost
Entity must disclose additional information, including the amount
of the adjustment
Interim financial reports
Entity must present interim information for the period covered by
its first IFRS statements
IFRS 1 provides detail about the additional requirements relating
to interim information
18
19. Looking Ahead
Derecognition of financial assets and liabilities
AcSB
Revision of transactions that occurred prior to ‘the date of transition to IFRSs’
Address the transitional issues of countries whose transition date to IFRSs is
significantly later than January 1 2004
IASB
Noted that January 2004 is the date the derecognition requirements of IAS 39
became effective and is therefore not related to transition dates
Agreed and decided not to change paragraph 27 of IFRS 1
Reassessment of accounting under previous GAAP
AcSB
Proposed precluding reassessment of previous GAAP accounting when it
adopted the respective IFRS word for word and provided the same transitional
provision
IASB
Decided to proceed with the proposal
AcSB was asked to redraft the proposal to clearly identify the scope
19
20. Looking Ahead
Retrospective restatement of fair values
AcSB
Recommended a principle prohibiting the retrospective restatement of fair values
Unless the information determined or available as at the date IFRSs required
the fair value to be determined
IASB
Agreed and asked the AcSB staff to draft an amendment for future
Oil and gas industry issue: Full cost accounting
Proposal
Allow these entities allocating the existing carrying amount of each cost centre to
the oil and gas assets within that cost centre
‘CGU approach’
IASB
Decided to proceed with this proposal and asked AcSB to prepare a
comprehensive description of the issue
20