Importance For the purpose of reduction of expenses of the companies connected with transition to IFRS, Council for IFRS developed the standard of IFRS 1 "First application of International Financial Reporting Standards". Objective The purpose of the real work was the description of provisions of the IFRS (IFRS) 1 "First application of International Financial Reporting Standards" operating as of 2014, and their influence on the main stages on transition to IFRS. Methods In the real work requirements of IFRS 1 "First application of International Financial Reporting Standards" to the first financial statements on IFRS are opened, obligatory and voluntary exceptions are described, and requirements to disclosure and submission of information in the first financial statements according to the international standards are considered. Results The main stages of transition to IFRS are specified by drawing up financial statements for the first time. Conclusions and Relevance Application by the companies by drawing up financial statements according to the international standards for the first time voluntary exceptions of IFRS 1 "First application of International Financial Reporting Standards" of the principle of retrospective application of standards allows to reduce both temporary, and material inputs that promotes reduction of expenses of the company connected with transition to IFRS.
Keywords: application of IFRS for the first time, financial statements, voluntary exceptions, obligatory exceptions, information disclosure
References:
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