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Jan 8, 2008

IFRS 1 First-time adoption of International Financial Reporting Standards

(Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial translation)

IFRS 1: First-time Adoption of International Financial Reporting Standards

IFRS 1 First-time Adoption of International Financial Reporting Standards was issued in June 2003 and applies to an entity whose first IFRS financial statements are for a period beginning on or after 1 January 2004.

IFRS 1 also applies to each interim financial report, if any, that the entity presents under IAS 34 Interim Financial Reporting for part of the period covered by its first IFRS financial statements.

IFRS 1 applies when an entity adopts IFRSs for the first time by an explicit and unreserved statement of compliance with IFRSs.

Summary of IFRS 1

In general, IFRS 1 requires an entity to comply with each IFRS effective at the reporting date for its first IFRS financial statements(财务报告). In particular, in its opening IFRS balance sheet(资产负债表) an entity must:
1.recognise all assets(资产) and liabilities(负债) whose recognition is required by IFRSs;

2.not recognise items as assets or liabilities if IFRSs do not permit such recognition;

3. reclassify items that it recognised under previous GAAP(美国会计准则;公认会计准则) as one type of asset, liability or component of equity(平衡表), that are a different type of asset, liability or component of equity under IFRSs; and

3. apply IFRSs in measuring(计量;作价;估价) all recognised assets and liabilities. The transition provisions in other IFRSs do not apply to a first-time adopter’s transition to IFRSs.

IFRS 1 grants limited exemptions(免除;豁免;例外) from these requirements in specified areas where the cost of complying would be likely to exceed the benefits to users of financial statements. Exemptions exist in the following areas:
1. business combinations(企业合并);

2 . fair value(公允价值) or revaluation(价值重估) as deemed cost(入账价值) for certain non-current assets;

3. defined benefit employee benefit plans;

4. cumulative translation differences;

5 . compound financial instruments;

6. assets and liabilities of subsidiaries(子公司;分支机构), associates(合作伙伴;合作公司;合伙人) and joint ventures(合资公司);

7. designation of previously recognised financial instruments;

8. share-based payment transactions;and

9 . insurance contracts(保险合同).

The IFRS also prohibits retrospective(回溯) application of IFRSs in some cases, particularly where retrospective application would require judgements by management about past conditions after the outcome of a particular transaction is already known.

IFRS 1 requires disclosures that explain how the transition from previous GAAP to IFRSs affected the entity’s reported financial position, financial performance and cash flows.

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