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IFRS, or International Financial Reporting Standards, are a set of accounting rules for how information should be gathered and presented in financial reports. The standards ensure that information is consistent, comparable and credible worldwide, using a common accounting language.

IFRS 1 requires an entity that is adopting IFRS Standards for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year. The entity uses the same accounting policies throughout all periods presented in its first IFRS financial statements.

GAAP is more detailed and prescriptive while IFRS is more high-level and flexible. GAAP requires more disclosures while IFRS requires fewer disclosures. GAAP is more focused on the historical cost of assets while IFRS allows for more flexibility in the valuation of assets.

IFRS 1 requires that the opening IFRS balance sheet: Include all of the assets and liabilities that IFRS requires; Exclude any assets and liabilities that IFRS does not permit; Classify all assets, liabilities, and equity in ance with IFRS; Measure all items in ance with IFRS; and.

IFRS 1 requires entities to explain the effect of the transition to IFRS on their financial position, financial performance, and cash flows. For example, it requires entities to present certain reconciliations between accounting amounts under the previous GAAP and that under IFRS.

International Financial Reporting Standards (IFRS) are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. They were developed and are maintained by the International Accounting Standards Board (IASB).

Most Canadian companies use ASPE or IFRS for financial statements. However, some companies must report with U.S. GAAP to satisfy an investor, buyer, or lender based in the U.S.

IFRS 1 requires disclosures that explain how the transition from previous GAAP to IFRS affected the entity's reported financial position, financial performance and cash flows.

IFRS 1 provides guidance for entities adopting IFRS for the first time. The standard requires an entity in this position to comply with IFRSs effective at the end of its first IFRS accounting period in terms of the recognition and measurement of assets and liabilities.