BC105 IFRS 1 applies to an entity's first financial statements prepared applying IFRS Accounting Standards (and to each interim financial report an entity presents for part of the period covered by those financial statements). IFRS 1 defines an entity's first IFRS financial statements, in paragraph 3, as:

the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs.

BC106 IFRS 19 is an IFRS Accounting Standard and some respondents to the Exposure Draft asked how first-time adoption of IFRS 19 would relate to the application of IFRS 1. For the avoidance of doubt, the IASB decided to explain in IFRS 19 how the requirements of IFRS 1 are applied (see paragraphs 17-19 of IFRS 19).