IFRS 01 Blue Book 2016 First-Time Adoption of International Financial Reporting Standards

May 9, 2026

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IFRS 1 First-time Adoption of International Financial Reporting Standards sets the scope and requirements for entities preparing their first IFRS financial statements, including application to first annual IFRS reports and qualifying interim reports under IAS 34. It defines when financial statements qualify as “first IFRS financial statements,” outlines situations where the standard does not apply, and addresses cases where prior IFRS application lacked an explicit unreserved compliance statement. It establishes the opening IFRS statement of financial position on the transition date and requires consistent IFRS accounting policies across all presented periods, subject to specified exceptions and possible early adoption.

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May 9, 2026