IFRS-1 – First–time Adoption of International Financial Reporting Standards

The objective of this IFRS is to ensure that an entity’s first IFRS financial statement and its financial reports for part of the period covered by those financial statements, contain high quality information that: (a) is transparent for users and comparable over all periods presented; (b) provides a suitable starting point for accounting under International Financial Reporting Standards; and (c) can be generated at a cost that does not exceed the benefits to users.

An entity shall use the accounting policies in its opening IFRS balance sheet and throughout all periods presented in its first IFRS financial statements. An entity’s estimates under IFRS at the date of transition to IFRS shall be consistent with estimates made for the same date under previous GAAP, unless there is objective evidence that those estimates were in error. An entity shall explain how the transition from previous GAAP to IFRSs affected its reported financial position, financial performance and cash flows.