IFRS/IAS Information & Resources > First Time Adoption of IFRS

Below are a number of links to useful documents which provide guidance to preparers and auditors regarding the first time use of IFRS in the preparation of financial statements. Local legislation EU Member States are required to use local legislation to implement their options under the EU IAS Regulation 1606/2002. The statutory instruments giving effect to the options available in the Republic of Ireland and Northern Ireland have now been published: Republic of Ireland European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005, SI No. 116 of 2005 European Communities (Fair Value Accounting) Regulations 2004, S.I. No. 765 of 2004 European Communities (Adjustment of Non-Comparable Amounts in Accounts and Distributions by Certain Investment Companies) Regulations 2005, SI No. 840 of 2005 Accountancy Ireland Vol 37 No 3 June 2005 'Company Law and Accounting Changes' Northern Ireland The Companies (1986 Order) (International Accounting Standards and Other Accounting Amendments) Regulations ( Northern Ireland ) 2004 – 9 December 2004 Taxation Republic of Ireland Draft Guidance Note on Section 48 of the Finance Act 2005 Northern Ireland UK Revenue page International Accounting Standards - The UK tax implications IFRS 1 In June 2003 the IASB released IFRS 1, First-time Adoption of International Financial Reporting Standards, which is designed to help companies making the change to International Accounting Standards and to enable users of company reports to understand the effect of applying a new set of accounting standards. IFRS 1 explains how an entity should make the transition from another basis of accounting. Useful links re IFRS 1:

IASB Summary IASB Press Release June 2003 IAS Knowledge Summary IAS Plus Summary Accountancy Ireland Vol 35 No 5 October 2003 International Financial Reporting Standards: IFRS1 Which standards do I apply?: List of International Standards applicable for 2005 as at January 2006 Other Useful Guidance on preparation for first time adoption of IFRS: General The Committee of European Securities Regulators (CESR) - Recommendation for additional guidance regarding the transition to IFRS International Federation of Accountants (IFAC) Study - Challenges and Successes In Implementing International Standards: Achieving Convergence To IFRSs and ISAs Hundred Group of Finance Directors - Best Practice Guidelines to Smooth Changeover to IFRS Financial Statements Auditors International Federation of Accountants (IFAC) - First Time Adoption of International Financial Reporting Standards— Guidance for Auditors on Reporting Issues ICAEW Guidance (Audit 03/04) - Auditing Implications of IFRS Transition Auditing Practice Board - Bulletin 2005/3 ‘Guidance for Auditors on First-time Application of IFRSs in the United Kingdom and the Republic of Ireland' Auditing Practice Board - Bulletin 2005/4 'Auditor's Reports on Financial Statements in Great Britain and Northern Ireland' Auditing Practice Board - Press Release 21 December 2005 - Standard Reference for Compliance with IFRSs in the EU Effect of IFRS on various industries Articles in ‘Accountancy' magazine (ICAEW) on effects of IFRS on various industries