How to adopt International Financial Reporting Standards (IFRS) for the first time

Learn what you need to know about International Financial Reporting Standards (IFRS) requirements when applying them for the first time to your financial statements.

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In Chapter 20 of 2013 Financial Reporting in Canada under IFRS, you will find a comprehensive overview of IFRS and how to apply them for the first time to your organization’s financial statements.

This comprehensive reference lays out the purpose, scope and requirements of IFRS 1. It provides:

  • useful analysis of relevant issues related to initial IFRS financial statements
  • mandatory and optional exemptions
  • disclosures and interim financial reports

Visual aids such as charts, tables and diagrams make the information easy to digest, and extracts from financial statements put IFRS into context.

How this benefits you

Designed to bolster your understanding of IFRS, this document will provide you with information on:

  • definitions of key IFRS terms
  • how to recognize, classify and measure assets and liabilities in accordance with IFRS
  • mandatory exemptions in areas such as estimates, hedge accounting and embedded derivatives
  • optional exemptions in areas such as business combinations, insurance contracts and leases
  • disclosure requirements for the Management Discussion and Analysis
  • must-haves under IFRS for your first-quarter interim financial report
  • essential steps to follow when planning for implementation
  • a standards update