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  • IFRS 1 First Time Adoption of IFRS

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    Saloni Jain
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    This document provides guidance for first-time adoption of IFRS. It outlines procedures to follow, including making an explicit statement to comply with IFRS 1. Adjustments required on transition include recognition of some assets and liabilities, remeasurement of some items at fair value, and recalculation of deferred tax. Total equity is adjusted for the cumulative effect of transition differences, with reconciliations provided between previous GAAP and IFRS opening balances.

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    IFRS 1 First time adoption of IFRS

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    This document provides guidance for first-time adoption of IFRS. It outlines procedures to follow, including making an explicit statement to comply with IFRS 1. Adjustments required on transition include recognition of some assets and liabilities, remeasurement of some items at fair value, and recalculation of deferred tax. Total equity is adjusted for the cumulative effect of transition differences, with reconciliations provided between previous GAAP and IFRS opening balances.

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    © All Rights Reserved
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    4 views2 pages

    IFRS 1 First Time Adoption of IFRS

    Uploaded by

    Saloni Jain
    This document provides guidance for first-time adoption of IFRS. It outlines procedures to follow, including making an explicit statement to comply with IFRS 1. Adjustments required on transition include recognition of some assets and liabilities, remeasurement of some items at fair value, and recalculation of deferred tax. Total equity is adjusted for the cumulative effect of transition differences, with reconciliations provided between previous GAAP and IFRS opening balances.

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    © All Rights Reserved
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    of 2

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    y Sets oud po«dures to follow for ist ine adephion of 1fRS or pgp
    has to ale
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    y it doeu vnot muke uch atimend then t
    L
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    ADJUSTmEN7S REqUIRES oR
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    eude

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    5.

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    kaut dat fpohg
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    IRS onehesi

    tranuhar

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