Accounting for adjustments at the first-time adoption of IFRS
by
Silvia
Question We are working on the first-time adoption of IFRS in our company. How shall we account for the adoption adjustments? Answer In line with IFRS 1 First-time Adoption of International Financial Reporting Standards (par.11), all adjustments are debited or credited to opening retained…
Financial Statements
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Missing information about long-term property at IFRS adoption – what to do?
by
Silvia
Question We are a state-owned company and we are in the process of adopting IFRS. IFRS 1 First-time Adoption of International Financial Reporting Standards requires applying IAS 16 to our fixed asset as if it has always been applied. This is impossible, because we own…
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