16 - Adoption of IFRSs

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Pytanie English Odpowiedź English
Date of transition definition.
3cz
IFRS 1
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'the beginning of the earliest period | for which an entity presents FULL COMPARATIVE INFORMATION. | in its first FSs produced under IFRS Standards'
1/1/X0 The date of transition to IFRS (The first day of the comparative period). | 31/12/X0 Comparative figures for first set of published IFRS FSs. | 31/12/X1 First set of published IFRS FSs.
IFRS 1 states that the opening IFRS 7: SFP at the date of transition must:
4
Adoption of IFRS Standards.
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recognise - not recognise - classify - measure
assets, liabilities & equity items required by IFRSs
Recognise all assets and liabilities required by IFRSs.| Not recognise asset and liabilities not permitted by IFRSs.| Classify all assets, liabilities and equity items in accordance with IFRSs.| Measure all assets and liabilities in accordance with IFRSs.
Gains and losses arising on transition to IFRS Standards are recorded in...
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in retained earnings.
Before adopting a new set of accounting standards, an entity should consider:
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Bonuses and performance related pay. | IT systems. | Covenants on loans. | EPS. | Perception by analysts. | Staff knowledge.
BICEPS
1) Impact of profit changes? | 2) Will they require updating or replacing? | 3) Will the be breached? | 4) Will it reduce? | 5) Will analysts view the move positively? | 6) Is it sufficient?

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