国际财务报告准则第1号首次领养(ACCA F7 ; P2)IASB 2010 In 2007, the UK Government made a commitment that the UK public sector would move towards adopting the International Financial Reporting Standards (IFRS). This was to bring about greater consistency and comparability across the global economy and to follow private sector best practice in the UK public sector. However, experience has shown that the transition is both lengthy and complex and has wide-reaching implications, as it involves not only finance and the Treasury, but human resources, estates, procurement, IT and a range of other stakeholders. IFRS 1 has great practical significance for sectors and countries that are expected to adopt the standards in the near future. It applies to an entity that presents its first IFRS financial statements and sets out ground rules an entity needs to follow when it adopts the standards for the first time. An entity's first IFRS financial statements are those that are the first annual financial statements in which the entity adopts IFRS by an explicit and unreserved statement of compliance. The standards give examples of situations where financial statements do and do not qualify as 'first IFRS financial statements'. An entity adopting the standards for the first time prepares an opening balance sheet on the date of transition. This balance sheet serves as the starting point for the entity's accounting under IFRS. The revised IFRS 1 issued at 1 January 2009 requires an entity to prepare and present an opening IFRS statement of financial position at the date of transition to IFRS. However, disclosure of a reconciliation of equity reported under previous Generally Accepted Accounting Principles (GAAP) to equity under IFRS is required, as is a reconciliation of profit or loss for the last annual period reported under the previous GAAP, to profit or loss under IFRS for the same period. In preparing the opening FRS balance sheet, the following rules should be followed, except in cases where IFRS 1 grants targeted exemptions and prohibits retrospective application: •assets and liabilities should be recognised where required under IFRS • assets and liabilities should be derecognised where required under IFRS • items that were recognised under previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability, or component of equity under IFRS should be reclassified, and • all recognised assets and liabilities should be measured according to principles outlined in IFRS. A first-time adopter should consistently apply the same accounting policies throughout the periods presented in its first IFRS financial statements, and these accounting policies should be based on the latest version of the IFRS effective at the reporting date. IFRS 1 states that the transitional provisions in other IFRSs do not apply to first-time adopters. It does, however, allow a first-time adopter to elect to use one or more exemptions from the general measurement and restatement principles, as follows: •An entity may keep the original GAAP accounting for business combinations that occurred before or prior to the date of opening balance sheet date. • For assets (property, plant and equipment; intangible assets; and investment property) measured at fair value or revalued under previous GAAP, fair value becomes the 'deemed cost' under the IFRS cost model. Deemed cost is an amount used as a surrogate for cost or depreciated cost at a given date. • An entity may elect to recognise all cumulative actuarial gains and losses for all defined employee benefit plans at the opening IFRS balance sheet date. • An entity may elect to recognise all cumulative translation differences arising on the translation of the financial statements of foreign entities in accumulated profits or losses at the opening IFRS balance sheet date. This effectively means resetting the translation reserve included in equity under previous GAAP to zero. There are also mandatory exceptions to the general restatement and measurement principles: •A first-time adopter is not permitted to recognise financial assets or financial liabilities that had been derecognised under its previous GAAP in a financial year beginning before 1 January 2001. However, a first-time adopter should recognise all derivatives and other interests retained after derecognition and still existing, and consolidate all special-purpose entities (SPEs) that it controls at the date of transition to IFRS. • The conditions in IAS 39 for a hedging relationship that qualifies for hedge accounting are applied at the opening IFRS balance sheet date, not retrospectively. The hedge accounting practices that were used in periods prior to the opening IFRS balance sheet may not be retrospectively changed. An entity's estimates under IFRS at the date of transition to IFRS should be consistent with estimates made for the same date under its previous GAAP, unless there is objective evidence that those estimates were wrong. Any information an entity receives after the date of transition to IFRS about estimates it made under previous GAAP should be treated by it as a 'non-adjusting' event after the balance sheet date. |
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沙发#
发布于：2010-10-18 12:24
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