Links to Our Resources for First-time IFRS Adopters

IAS Plus has many resources aimed at first-time adopters of International Financial Reporting Standards. These resources are scattered on various pages of IAS Plus. For example, newsletters relating to first-time adoption are on our IAS Plus Update page and on several jurisdiction pages. Presented below are links to the English-language resources on IAS Plus that address issues relating specifically to first-time adoption of IFRSs.

Important: Some of these publications are old and some of the guidance in them may be out of date. Nor are the items on this page an exhaustive treatment of the topic of first-time adoption of IFRSs. Items on this page are included for information purposes and should not be relied on, by themselves, in preparing or auditing financial statements. For additional information please see our Legal Information Page.

We Can Help You with the Transition

With thousands of IFRS-experienced professionals in our global network, Deloitte provides a comprehensive array of services related to IFRSs. As a multidisciplinary organisation, we can help companies address a wide range of IFRS issues. For instance, Deloitte offers companies assistance with:
  • evaluating the potential impacts of IFRS
  • assessing readiness for IFRS conversions
  • implementing IFRS conversions, providing support with technical research, project management, and training
  • addressing the implications of IFRS in such areas as tax, finance operations, technology, and valuation

Please contact your local Deloitte office, our IFRS Global Office, or one of our IFRS Centres of Excellence.

Information about IFRS 1 First-time Adoption of International Financial Reporting Standards

Deloitte Guide to IFRS 1 (November 2009)
In November 2009, Deloitte's IFRS Global Offrice published a revised Guide to IFRS 1 First-time Adoption of International Financial Reporting Standards. The guide was first published in 2004 with the aim of providing first-time adopters with helpful insights for the application of IFRS 1. This second edition has the same objective. We have updated the content to reflect the lessons learned from the first major wave of IFRS adoption in 2005, as well as for the changes to IFRS 1 since 2004. We have structured the guide to provide users with an accessible reference manual:
  • An executive summary explains the most important features of IFRS 1;
  • Section 2 provides an overview of the requirements of the Standard;
  • Sections 3 and 4 cover the specific exceptions and exemptions from IFRS 1's general principle of retrospective application of IFRSs, focusing on key implementation issues;
  • Section 5 addresses other components of financial statements where implementation issues frequently arise in practice;
  • Section 6 sets out Q&As dealing with specific fact patterns that users may encounter in practice; and
  • Section 7 discusses some of the practical implementation decisions faced by first-time adopters.
Click to Download Deloitte's Guide to IFRS 1 (PDF 370k)
First-time Adoption of IFRSs in Canada

All Canadian publicly accountable enterprises must adopt IFRSs by 1 January 2011. Earlier adoption is permitted with permission of the Provincial securities regulator. Deloitte (Canada) has developed various resources to help clients make the transition.

Countdown to IFRS Newsletters from Deloitte Canada

Deloitte (Canada) is publishing a series of newsletters, called Countdown to IFRS, to help clients make the transition. Regular editions are published monthly, plus there are occasional special editions. You can find French translations of each issue on our Canada Page.

The Road to Cost-Effective Conversion

Other Publications from Deloitte Canada

Resources from the Canadian Institute of Chartered Accountants

Resources from the Ontario Securities Commission (OSC)

On 31 March 2011, the Ontario Securities Commission (OSC) has issued two high-level guides on the impacts of IFRS:

The guides outline a number of questions for analysts and investors to consider and are available on the OSC website.

 

Resources Relating to First-time Adoption of IFRSs in the United States

Guides to Transition to IFRSs in Individual Industries





Other Publications from Deloitte United States

Other Publications relating to first time adoption of IFRSs in the United States

  • The American Institute of Certified Public Accountants (AICPA) has published International Financial Reporting Standards (IFRS): An AICPA Backgrounder. This publication describes the regulators, standard setters and others who play a critical role in the adoption of IFRS and includes information about the convergence activities of the IASB and FASB, as well as information on adoption of IFRSs in the US, including the US Securities and Exchange Commission's progress report on its IFRS Work Plan. (PDF 354k, January 2011, 16 pages)

First-time Adoption of IFRSs in India

Deloitte India publishes its 'Tracking IFRS' newsletters on a regular basis, providing insights into global acccounting developments and their impacts on Indian companies. Edition 2 of 'Tracking IFRS' discusses first-time adoption:

Deloitte (India) has published Tracking IFRS - Issue 2 (PDF 701k).

The Institute of Chartered Accountants of India (ICAI) has issued a number of exposure drafts of the converged accounting standards including Exposure Draft of Indian Accounting Standard 41 First-time adoption of Indian Accounting Standards ('ED Ind-AS 41'), which is based on IFRS 1 First-time adoption of International Financial Reporting Standards as revised and issued in 2008.

ED Ind-AS 41 would be required to be applied by companies at the time of transition to the IFRS converged Indian Accounting Standards. This edition of Tracking IFRS compares the exposure draft with IFRS 1 issued by IASB. The key difference between IFRS 1 and the exposure draft is the requirement with respect to presentation of comparative information. The ED does not require a first-time adopter to present comparative information of profit and loss for the reporting period, but provides an option to companies for voluntarily disclosure of such information.

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Other Resources Relating to First-time Adoption of IFRSs


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