Wiley Interpretation and Application of IFRS Standards

36 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

• Introduction
• Definitions of Terms
• First-Time Adoption Guidance
  • Objective and Scope of IFRS 1
  • Key Dates
  • Steps in Transition to IFRS
  • Selection of Accounting Policies
  • Opening IFRS Statement of Financial Position
  • Mandatory Exceptions to the Retrospective Application of Other IFRS
    • Estimates
    • Derecognition of financial assets and financial liabilities (IFRS 9)
    • Hedge accounting (IFRS 9)
    • Non-controlling interests (IFRS 10)
• Optional Exemptions
  • Business combinations
  • Deemed cost
  • Leases
  • Below market rate government loans
  • Cumulative translation differences
  • Investments in subsidiaries, jointly controlled entities and associates
  • Assets and liabilities of subsidiaries, associates and joint ventures
  • Compound financial instruments
  • Designation of previously recognised financial instruments
  • Fair value measurement of financial assets or financial liabilities at initial recognition
  • Decommissioning liabilities included in the cost of property, plant and equipment
  • Service concession arrangements
  • Borrowing costs
  • Severe hyperinflation
• Presentation and Disclosure
  • Explanation of transition to IFRS
  • Comparative information
  • Reconciliations
  • Other disclosures
  • Interim reporting
  • Options With and Within the Accounting Standards
  • Transition from US GAAP to IFRS: The Case of DaimlerChrysler

INTRODUCTION

When a reporting entity undertakes the preparation of its financial statements in accordance with International Financial Reporting ...