First-Time Adoption of Australian Accounting Standards/IFRS (IFRS 1/AASB 1)

Corporate Reporting Insights

BDO's monthly newsletter, Corporate Reporting Insights, keeps you up to date with the latest Australian and global developments in corporate financial and sustainability reporting.

• More relief in AASB 1 for entities transitioning to general purpose Simplified Disclosures financial statements (May 2022)
• More relief proposed in AASB 1 for entities transitioning to Simplified Disclosures (December 2021)
• Key questions to ask when getting ready for general purpose financial statements (February 2020).

BDO Global IFRS Resources

The following publications have been produced by the BDO Global IFRS group:

► IFRS at a Glance

A high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations.

• IFRS 1 First-time Adoption of International Financial Reporting Standards.

Webinars

BDO Australia conducts monthly complimentary webinars as an easy way to stay up to date with changes to accounting standards and other financial reporting developments. Recent webinars on this topic include:

• Applying IFRS 1 to transition to GPFS (February 2021)
  
• Transitioning to general purpose financial statements (December 2020).

IFRIC agenda decisions

IFRS Interpretations Committee (the Committee) agenda decisions are those issues that the Committee decided not to take onto its agenda. Although not authoritative guidance, in practice they are regarded as being highly persuasive, and all entities reporting under IFRS should be aware of these decisions because they could impact the way particular transactions and balances are accounted for. Agenda decisions on this topic include:

• Subsidiary as a first-time adopter (September 2017) and FAQ
• Accounting for costs included in self-constructed assets on transition (May 2010) and FAQ
• Impracticability – transition issues under IFRS 1 (IAS 8) (October 2004).

Online training resources

Improve your knowledge of accounting standards by purchasing our online training resources on a variety of financial reporting topics. Resources available on this topic include:

• A seminar – a pre-recorded two-hour webinar that provides a high-level overview of the accounting standard, as well as a question and answer case study booklet
• eLearning – a self-paced interactive web-based eLearning module that provides an in-depth understanding of the key aspects of the accounting standard and requires participants to read and answer questions relating to the content.