This appendix is an integral part of the IFRS.
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"date of transition to IFRSs" |
The beginning of the earliest period for which an entity presents full comparative information under IFRSs in its first IFRS financial statements. |
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"deemed cost" |
An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed cost. |
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"fair value" |
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13.) |
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"first IFRS financial statements" |
The first annual financial statements in which an entity adopts IFRS Accounting Standards, by an explicit and unreserved statement of compliance with IFRS Accounting Standards. |
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"first IFRS reporting period" |
The latest reporting period covere |