The purpose of this course is to familiarize you with the guidance described in IFRS 1, First-time Adoption of International Financial Reporting Standards. IFRS 1 applies when an entity adopts IFRS for the first time. The standard outlines the guidelines for when to use IFRS 1, exemptions and exceptions for first-time adoption, and presentation and disclosure requirements.
- Determine whether an entity qualifies as a first-time adopter of IFRS under IFRS 1
- Understand how the key IFRS 1 dates affect IFRS 1 financial statement preparation
- Identify IFRS 1 mandatory exceptions
- Describe the pros and cons of electing IFRS 1 optional exceptions
- Prepare IFRS 1 disclosures
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