IFRS: The Starting Point (IFRS 1)

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1.5 Credits

The purpose of this course is to familiarize you with the guidance described in IFRS 1, First-time Adoption of International Financial Reporting Standards. IFRS 1 applies when an entity adopts IFRS for the first time. The standard outlines the guidelines for when to use IFRS 1, exemptions and exceptions for first-time adoption, and presentation and disclosure requirements.


  • Determine whether an entity qualifies as a first-time adopter of IFRS under IFRS 1.
  • Understand how the key dates in IFRS 1 affect IFRS 1 financial statement preparation.
  • Identify IFRS 1 mandatory exceptions.
  • Describe the pros and cons of electing IFRS 1 optional exceptions.
  • Understand IFRS 1 disclosures.

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