ED on First-Time Application of IFRS is published
31 Jul 2002
The IASB has issued exposure draft ED 1 'First-time Application of International Financial Reporting Standards'.
Comments are requested by 31 October 2002.
The purpose of the Standard is to ensure that all entities adopting IFRSs for the first time present comparative information in their financial statements that is as close as possible to the information provided by existing users, but within cost/benefit constraints.
The proposals would require an entity to comply with every IFRS current in the first year when it first adopts IFRSs. At least one year of comparative information prepared using those same IFRS is required.
The draft Standard requires first-time preparers of financial statements under IFRSs to disclose how the transition to international standards affected the entity's reported financial position, financial performance, and cash flows.
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