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IFRS 1: First-time Adoption of International Financial Reporting StandardsObjective (para. 1)Scope (paras. 2-5)Recognition and measurement (paras. 6-19)Presentation and disclosure (paras. 20-33)Effective date (paras. 34-39AK)Withdrawal of IFRS 1 (para. 40)Appendix A Defined termsAppendix B Exceptions to the retrospective application of other IFRSsAppendix C Exemptions for business combinationsAppendix D Exemptions from other IFRSsAppendix E Short-term exemptions from IFRSsApproval by the Board of IFRS 1 issued in November 2008Approval by the Board of Additional Exemptions for First-time Adopters (Amendments to IFRS 1) issued in July 2009Approval by the Board of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) issued in January 2010Approval by the Board of Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1) issued in December 2010Approval by the Board of Government Loans (Amendments to IFRS 1) issued in March 2012Approval by the IASB of Lack of Exchangeability issued in August 2023IFRS 1: Basis for ConclusionsIntroduction (paras. BC1-BC3)Restructuring of the IFRS (paras. BC3A-BC3B)Scope (paras. BC4-BC6E)BC4-BC6Repeated application of IFRS 1 (paras. BC6A-BC6E)Basic concepts (paras. BC7-BC15)Useful information for users (paras. BC7-BC8)Comparability (paras. BC9-BC10)Current version of IFRSs (paras. BC11-BC15)Opening IFRS balance sheet (paras. BC16-BC84)BC16Recognition (paras. BC17-BC19)Derecognition in accordance with previous GAAP (paras. BC20-BC23)Measurement (paras. BC24-BC29)Exemptions from other IFRSs (paras. BC30-BC63M)Other possible exemptions rejected (paras. BC64-BC73)Retrospective designation (paras. BC74-BC83A)Estimates (para. BC84)Presentation and disclosure (paras. BC85-BC97)Comparative information (paras. BC85-BC89C)Historical summaries (para. BC90)Explanation of transition to IFRSs (paras. BC91-BC95A)Interim financial reports (paras. BC96-BC96A)Accounting policy changes in the year of adoption (paras. BC97)Short-term exemptions from IFRSs (paras. BC98-BC99)BC98Deletion of short-term exemptions (amendments issued in December 2016)(para. BC99)Appendix - Amendments to Basis for Conclusions on other IFRSsIFRS 1: Guidance on Implementing IFRS 1
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Version date: 10 February 2017 - onwards

Approval by the Board of Government Loans (Amendments to IFRS 1) issued in March 2012

Government Loans (Amendments to IFRS 1) was approved for issue by the fourteen members of the International Accounting Standards Board.

Hans Hoogervorst                                                                                Chairman

Ian Mackintosh                                                                                      Vice-Chairman

Stephen Cooper

Philippe Danjou

Jan Engström

Patrick Finnegan

Amaro Luiz de Oliveira Gomes

Prabhakar Kalavacherla

Patricia McConnell

Takatsugu Ochi

Paul Pacter

Darrel Scott

John T Smith

Wei-Guo Zhang

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