the ethical environment
They are unanimous that the ethical environment is the most important challenge for the successful adoption of IFRS.

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.

June 19, 2003
International Financial Reporting Standard (IFRS) 1, “First Time Adoption of IFRS” was issued on June 19, 2003 with an effective date of January 1, 2004. IFRS 1 applies when an entity adopts IFRSs for the first time by an explicit and unreserved statement of compliance with IFRSs.

A first-time adopter is an entity that, for the first time, makes an explicit and unreserved statement that its general purpose financial statements comply with IFRS.

IFRS 1
Overview. IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements.

2012
Adoption of International Financial Reporting Standards from 2012. On 28 July 2010, the Nigerian Federal Executive Council approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS).

On April 1, 2001, the new IASB took over the responsibility for setting International Accounting Standards from the IASC. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards the IFRS.

IFRS 1 aims to ensure that an entity’s first financial statements after adopting IFRS, and interim statements for partial periods under IFRS, will: be transparent and comparable; provide a “suitable starting point” for the entity’s accounting under IFRS; and. have benefits that exceed the cost of preparation.

The International Accounting Standards Board (IASB) developed the IFRS for SMEs in recognition of the cost and difficulty to relatively small private entities of preparing fully compliant IFRS information.

Adoption of IFRS, in simple terms, means that the Country applying IFRS would be Implementing IFRS in the same manner as issued by the IASB and would be 100% compliant with the guidelines issued by IASB. Thus, Countries converging with IFRS may deviate to a certain extent from the IFRS’s as issued by the IASB.

The US should move towards the IFRS standards as a matter of urgency. As more and more countries adopt IFRS, it is in the U.S. interests to apply the same accounting standards. Most of the U.S. companies will benefit from one set of accounting standards since are multinational companies and they operating globally.

IFRS are used in at least 120 countries, as of 2020, including those in the European Union (EU) and many in Asia and South America, but the U.S . uses Generally Accepted Accounting Principles (GAAP).

Canada adopted IFRS Standards for most ‘publicly accountable enterprises’ for financial years beginning on or after 1 January 2011. As of 2015, Canadian GAAP for all publicly accountable enterprises is IFRS Standards, although regulators provide an option for those filing in the United States and for rate-regulated companies to apply US GAAP, rather than Canadian GAAP.

International Financial Reporting Standard 1: First-time Adoption of International Financial Reporting Standards or IFRS 1 is an international financial reporting standard issued by the International Accounting Standards Board (IASB). It sets out requirements on the preparation and presentation of financial statements…