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Acc403

In: Business and Management

Submitted By harrio56
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Touro University International

ACC403
CASE 1

The key principle of IFRS 1 is full retrospective application of all IFRS standards that are effective as of the closing balance sheet or reporting date of the first IFRS financial statements. IFRS 1 requires companies to:
• Identify the first IFRS financial statements;
• Prepare an opening balance sheet at the date of transition to IFRS;
• Select accounting policies that comply with IFRS and to apply those policies retrospectively to all of the periods presented in the first IFRS financial statements;
• Consider whether to apply any of the 15 optional exemptions from retrospective application;
• Apply the five mandatory exceptions from retrospective application; and
• Make extensive disclosures to explain the transition to IFRS.

There are 15 optional exemptions to ease the burden of retrospective application. There are also 5 mandatory exceptions where retrospective application is not permitted. The exemptions provide limited relief for first-time adopters, mainly in areas where the information needed to apply IFRS retrospectively may be most challenging to obtain. There are, however, no exemptions from the demanding disclosure requirements of IFRS and companies may experience challenges in collecting new information and data for retroactive footnote disclosures.
Many companies will need to make significant changes to existing accounting policies in order to comply with IFRS, including in such key areas as revenue recognition, financial instruments and hedging, employee benefit plans, impairment testing, provisions and stock-based compensation. (Price Waterhouse & Cooper journal)
There are many similarities between U.S. GAAP and IFRS relating to financial statement presentation. For example, under both frameworks, the components of a complete set of financial statements include: balance sheet, income

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