IFRS
IFRS
CH 1 HANDOUTS
1- IFRS 1 – First-time Adoption of International Financial
Reporting Standards.
• INTRO:
➢ The principles underpinning the first-time preparation of financial statements under IFRS Standards are set out in IFRS 1 – First-time AdoptioN of International Financial Reporting Standards.
• IFRS 1 REQUIRES
➢ IFRS 1 requires that both the financial statements for the current period and the comparative figures be presented using IFRS Standards in force at the first reporting date under IFRS Standards In this case, this date is 30 September 20X5.
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