IFRS 1 IASCF 99 International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards This version was issued in November 2008. Its effective date is 1 July 2009. IFRS 1 First-time Adoption of International Financial Reporting Standards was issued by the International Accounting Standards Board in June 2003. It replaced SIC-8 First-time Application of IASs as the Primary Basis of Accounting (issued by the Standing Interpretations Committee in July 1998). IFRS 1 and its accompanying documents have been amended by the following IFRSs: IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (issued December 2003) IAS 16 Property, Plant and Equipment (as revised in December 2003) IAS 17 Leases (as revised in December 2003) IAS 21 The Effects of Changes in Foreign Exchange Rates (as revised in December 2003) IAS 39 Financial Instruments: Recognition and Measurement (as revised in December 2003) IFRS 2 Share-based Payment (issued February 2004) IFRS 3 Business Combinations (issued March 2004) IFRS 4 Insurance Contracts (issued March 2004) IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (issued May 2004) IFRIC 4 Determining whether an Arrangement contains a Lease (issued December 2004) IFRS 6 Exploration for and Evaluation of Mineral Resources (issued December 2004) Actuarial Gains and Losses, Group Plans and Disclosures (Amendment to IAS 19) (issued December 2004) Amendments to IAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities (issued December 2004) The Fair Value Option (issued June 2005) Amendments to IFRS 1 and IFRS 6 (issued June 2005) IFRS 7 Financial Instruments: Disclosures (issued August 2005) IFRS 8 Operating Segments (issued November 2006) IFRIC 12 Service Concession Arrangements (issued November 2006) IFRS 1 100 IASCF IAS 23 Borrowing Costs (as revised in March 2007)* IAS 1 Presentation of Financial Statements (as revised in September 2007)* IFRS 3 Business Combinations (as revised in January 2008) IAS 27 Consolidated and Separate Financial Statements (as amended in January 2008) Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27) (issued May 2008)* Improvements to IFRSs (issued May 2008). In November 2008 the IASB issued a revised IFRS 1. In December 2008 the IASB deferred the effective date of the revised version from 1 January 2009 to 1 July 2009. The following Interpretations refer to IFRS 1: IFRIC 9 Reassessment of Embedded Derivatives (issued March 2006) IFRIC 12 Service Concession Arrangements (issued November 2006 and subsequently amended). *effective date 1 January 2009 effective date 1 July 2009 IFRS 1 IASCF 101 CONTENTS paragraphs INTRODUCTIONIN1IN7 INTERNATIONAL FINANCIAL REPORTING STANDARD 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS OBJECTIVE1 SCOPE25 RECOGNITION AND MEASUREMENT619 Opening IFRS statement of financial position6 Accounting policies712 Exceptions to the retrospective application of other IFRSs1317 Estimates1417 Exemptions from other IFRSs1819 PRESENTATION AND DISCLOSURE2033 Comparative information2122 Non-IFRS comparative information and historical summaries22 Explanation of transition to IFRSs2333 Reconciliations2428 Designation of financial assets or financial liabilities29 Use of fair value as deemed cost30 Use of deemed cost for investments in subsidiaries, jointly controlled entities and associates 31 Interim financial reports3233 EFFECTIVE DATE3439 WITHDRAWAL OF IFRS 1 (ISSUED 2003)40 APPENDICES ADefined terms BExceptions to the retrospective application of other IFRSs CExemptions for business combinations DExemptions from other IFRSs EShort-term exemptions from IFRSs APPROVAL BY THE BOARD OF IFRS 1 ISSUED IN NOVEMBER 2008 BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE TABLE OF CONCORDANCE IFRS 1 102 IASCF International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) is set out in paragraphs 140 and Appendices AE. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the IFRS. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IFRS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. IFRS 1 IASCF 103 Introduction Reasons for issuing the IFRS IN1The International Accounting