This appendix is an integral part of IFRS.
Date of transition to IFRS
The year starts oldest for which the entity presenting format complete comparative IFRS within its financial statements presented in accordance with IFRS.
Cost attributed
An amount is used as a substitute for the cost or the depreciated cost at the date determined. In the subsequent depreciation or amortization the entity use the initially recognized asset or liability at certain date, and that this cost was equivalent to the cost attributed.
Fair value
The amount by which an asset could be exchanged or cancelled a liability among stakeholders and duly informed in a transaction realizable arm's length.
First financial statements in accordance with the IFRS
The first annual financial statements in which an entity adopts International Financial Reporting (IFRS), through declaration, explicit and unreserved compliance with IFRS.
Entity adopts IFRS for the first time (or first-time adopter)
The entity that presents its first financial statements in accordance with lFRS.
International Financial Reporting Standards (IFRS)
Rules and Interpretations adopted by the Council of International Accounting Standards (IASB). These standards include:
(a) International Financial Reporting Standards;
(b) International Accounting Standards;
(c) Interpretations, whether caused by the Committee on International Standards Interpretations of Information Financier (IFRIC), or the old Interpretations (SIC).
Balance opening IFRS
The stock of the entity (published or not) on the date of transition to IFRS.
Previous GAAP
By: http://www.WorldGAAPInfo.com
The basis of accounting that the entity to take last for the first time, used immediately before applying IFRS.
Date
Presentation
First reporting period under IFRS
The end of last year covered by financial statements or by an interim financial report. The reporting period ending on the date of submission of first financial statements as per IFRS.
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