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.
When you complete this course you will be able to:
- Determine whether an entity qualifies as a first-time adopter of IFRS under IFRS 1.
- Understand how the key dates in IFRS 1 affect IFRS 1 financial statement preparation.
- Identify IFRS 1 mandatory exceptions.
- Describe the pros and cons of electing IFRS 1 optional exceptions.
- Understand IFRS 1 disclosures.
Advance Preparation: None
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