Home  Journals  International Accounting  35(185) - 2011 September

Peculiarities of the first adoption of the international standard of the financial reporting

Available online: 22 September 2011

Subject Heading: ON THE WAY TO THE INTERNATIONAL STANDARDS

JEL Classification: 

Now the most Russian companies transfer from Russian accounting standards to the IFRS. Therefore problems of first adoption of the IFRS and issues connected with preparation of the first financial statements (according to IFRS) are still urgent. In this work were covered main problems of the first adoption of the IFRS and were analyzed issues of practical implementation of the main statements of the IFRS 1, which is devoted to the first adoption of the IFRS. In this article were examined obligatory exceptions and optional exemptions from the application of the IFRS in the first time, and also requirements of the IFRS 1 to the presentation and disclosure of information in the first financial statements, which were prepared according to the IFRS.

Keywords: first-time adoption, IFRS, statements, exceptions, exemptions, opening balance sheet, retrospective application

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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