The 1st IFRS Adoption!

Do you know what reports you need after you decide to adopt IFRS? 

Your 1st set of IFRS annual financials statements must have: 

• 3 Balance Sheets (beginning of prior period, end of prior period, & end of current period)
• 2 Statements of Comprehensive Income
• 2 Income Statements 
• 2 Statements of Cash Flows
• 2 Statements of Changes in Equity
• Related notes

**Date of transition to IFRS 

= Date of Opening Balance Sheet 

= Date of "Beginning of Prior Period" Balance Sheet

Let's Pretend - Your Story:

You first decided to adopt IFRS back in 12/31/10, which means a date of transition equaling to 1/1/11. The end of your first IFRS reporting period is 12/31/12. 

You will need an opening IFRS balance sheet at 1/1/11, a balance sheet for 12/31/11, and one for 12/31/12. You will also need both year 2011 and 2012 statements for comprehensive income, income, cash flow, changes in equity, and related notes.