IFRS 1

IFRS by numbers

IFRS 1 First-Time Adoption (FTA) of IFRSs

Projects affecting IFRS 1

Linked publications

Expected
Project Expected publication
Progress effective date
affecting date of revised
of of revised
Standard/ Standard/
project Standard/
Interpretation Interpretation
Interpretation
Draft issued March 2005
IFRIC D12, D13 & D14 -
Comments to be received To be determined To be determined
Service Concessions (1)
3rd May 2005
Amendment to Fair Value Limited exposure draft
2nd Quarter 2005 1 January 2006
Option published 21 April 2004

(1)Three drafts have been issued: D12 - "Determining the accounting Model", D13 - "The Financial Asset Model" and D14 -
"The Intangible Asset Model"

Projects affecting IFRS 1

IFRIC D13 & D14 Effective date and transition

■ Consequential amendments have been made to IFRS 1 to include these transitional

requirements for first time adopters (IFRIC D13.A1).

Please refer to IBN Chapter IAS 18

IAS 39 Fair value option transitional provisions

■ First time adopters that also adopt the amended fair value option will be allowed to designate
any qualifying financial asset/liability (IASB Update March 2005).

Please refer to IBN Chapter IAS 18

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 IFRS 1

Linked Publications

Applying IFRS - First-time Adoption

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