International GAAP 2021

Chapter 5First-time adoption

• 1 INTRODUCTION
  • 1.1 Objectives of first-time adoption
  • 1.2 Authoritative literature
  • 1.3 Defined terms
  • 1.4 Future developments
• 2 WHO IS A FIRST-TIME ADOPTER?
  • 2.1 The first IFRS financial statements in scope of IFRS 1
  • 2.2 When should IFRS 1 be applied?
    • 2.2.1 Repeat application of IFRS 1
  • 2.3 Determining the previous GAAP
    • 2.3.1 Transition to IFRSs from a similar GAAP
• 3 OPENING IFRS STATEMENT OF FINANCIAL POSITION
  • 3.1 First-time adoption timeline
  • 3.2 Opening IFRS statement of financial position and accounting policies
  • 3.3 Fair value and deemed cost
  • 3.4 Transitional provisions in other standards
  • 3.5 Departures from full retrospective application
• 4 EXCEPTIONS TO THE RETROSPECTIVE APPLICATION OF OTHER IFRSS
  • 4.1 Introduction
  • 4.2 Estimates
  • 4.3 Derecognition of financial assets and financial liabilities
  • 4.4 Hedge accounting: general
    • 4.4.1 Paragraphs B5 and B6 of IFRS 1 when applying IFRS 9
    • 4.4.2 Applicability of IAS 39 hedge requirements
  • 4.5 Hedge accounting in the opening IFRS statement of financial position
    • 4.5.1 Measurement of derivatives and elimination of deferred gains and losses
    • 4.5.2 Hedge relationships reflected in the opening IFRS statement of financial position
      • 4.5.2.A Prohibition on retrospective designation
      • 4.5.2.B Designation in anticipation of adoption of IFRSs
    • 4.5.3 Reflecting cash flow hedges in the opening IFRS statement of financial position
    • 4.5.4 Reflecting fair value hedges in the opening IFRS statement of financial ...