Ifrs 1
/ˌaɪˌɛfˌɑːrˈɛs wʌn/
Definitions
- (n.) International Financial Reporting Standard 1 concerning the first-time adoption of IFRS.
Companies applying IFRS 1 must prepare an opening IFRS statement of financial position at the date of transition.
Forms
- ifrs 1
Related terms
Commentary
IFRS 1 guides entities in transitioning from other accounting frameworks to IFRS, ensuring comparability and consistency in financial statements.
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