What is IFRS 1 in accounting?

Overview. IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements.

What is the purpose of IFRS 1?

The objective of IFRS 1 is to make sure that a reporting entity who adopts IFRS as its financial reporting basis prepares financial statements that: are transparent for users and comparable over all the periods presented; provides a suitable starting point for reporting under IFRS