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{{this}} requires an entity that is adopting [[t:IFRS]] [[t:IFRS|(IFRS)]] for the first time to prepare a complete set of financial statements covering its first [[t:IFRS|IFRS]] reporting period and the preceding year.

The entity uses the same accounting policies throughout all periods presented in its first [[t:IFRS|IFRS]] financial statements. Those accounting policies must comply with each Standard effective at the end of its first [[t:IFRS|IFRS]] reporting period.

{{this}} provides limited exemptions from the requirement to restate prior periods in specified areas in which the cost of complying with them would be likely to exceed the benefits to users of financial statements.

{{this}} is Copyright: [https://IFRS.org IFRS Foundation]
<ins>
[[Link::t:X]]
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[[Category:Term]][[Category:Finance]]
{{Object
|name=IFRS 1 First-time Adoption
|parent=t:IFRS
|sort=00001
|level=1
|keywords=IFRS, Standard, Financial, Reporting, GAAP, Adoption, first-time, Initial
|description==IFRS 1 requires an entity that is adopting IFRS for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year
}}

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ORwiki at 21:05, 19 August 2020