This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

First-time adoption of International Financial Reporting Standards — A guide to IFRS 1

Published on: Nov 27, 2009

In November 2009, Deloitte's IFRS Global Office published a revised Guide to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The guide was first published in 2004 to provide first-time adopters with helpful insights on the application of IFRS 1. This second edition has the same objective. The content is updated to reflect the lessons learned from the first major wave of IFRS adoption in 2005 as well as for changes to IFRS 1 since 2004.

The guide is structured to provide users with an accessible reference manual:

  • The 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 and where implementation issues frequently arise in practice.
  • Section 6 contains Q&As on specific fact patterns that users may encounter in practice.
  • Section 7 discusses some of the practical implementation decisions faced by first-time adopters.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.