IFRS 1 First-time Adoption requires an entity that is adopting International Financial Reporting Standards (IFRS) for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year.
The entity uses the same accounting policies throughout all periods presented in its first IFRS financial statements. Those accounting policies must comply with each Standard effective at the end of its first IFRS reporting period.
IFRS 1 First-time Adoption 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.
IFRS 1 First-time Adoption is Copyright: IFRS Foundation