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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: 26 February 2020 - onwards

Deletion of short-term exemptions (amendments issued in December 2016)(para. BC99)

BC99 In Annual Improvements to IFRS Standards 2014–2016 Cycle, the Board deleted the short-term exemptions in paragraphs E3–E7 and the related effective date paragraphs. The Board noted that the reliefs provided in those paragraphs were no longer applicable. The reliefs provided had been available to entities only for reporting periods that had passed.

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