[thebusyone]

Hi all,

How is a principle change from GAAP to IFRS reported? Retrospectively, correct?

Thanks!

______________________
BEC - 4/4/11 - 83
REG - 1/4/12 - 82
AUD - 2/18/12 - 77
FAR - 5/31/12 ? 88
Ethics - 6/13/12 - 95

[Anonymous]

Opening IFRS statement has to have 3 balance sheets, so the basis for the date of the switch to IFRS would be the balance sheet date of the prior period. So retrospective at least one year…

I think… 🙂

[Anonymous]

If you implement IFRS 2010 then you actually implemented on 1/1/09 because you have to show one full year of comparative statements. I am quoting the NINJA'S here.

[Tina82]

Isn't 3 balance sheets and 2 income statements? So like Kricket said, if you implement during 2010, you would need to show balance sheets for 12/31/08 (opening balance sheet), 12/31/09, and 12/31/10 and income statement for 2009 and 2010. Correct me if I'm wrong, will need this info eventually.

R - 74;88
A - 84
B - 74;89
F - no study = 67; May 15 = 87 & done

[Anonymous]

@Tina82 – I think the 3 balance sheets are 1.1.X0, 1.1.X1, and 12.31.X1 (assuming IFRS election in X1). Per what Kricket said, if you elect to roll with IFRS in X1, your actual election date is the beginning of the prior period, at which point your balance sheet needs to be stated in IFRS amounts (i.e. 1.1.X0).

[Tina82]

Agree on the first one, 1/1/09 balance sheet would be the same as 12/31/08 (opening balance sheet = adoption of IFRS), just a different date for presentation purposes, but the other two would still be your regular financial statements for 12/31/09 balance sheet and 12/31/10 balance sheet. Am I crazy? possible burnout at this point…

R - 74;88
A - 84
B - 74;89
F - no study = 67; May 15 = 87 & done

[Anonymous]

I was seriously confused on the three balance sheets so I found this website.

https://www.iasplus.com/en/standards/standard41

“IFRS reporting periods

Prepare at least 2009 and 2008 financial statements and the opening balance sheet (as of 1 January 2008 or beginning of the first period for which full comparative financial statements are presented, if earlier) by applying the IFRSs effective at 31 December 2009. [IFRS 1.7]”

Thanks for clearing this up for me.

[Author]

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