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Table 2: Adjustments required to move from previous GAAP to IFRSs at the time of first-time

Derecognition of some previous GAAP assets and liabilities
The entity should eliminate previous-GAAP assets and liabilities from the opening balance sheet
if they do not qualify for recognition under IFRSs. For example:
IAS 38 does not permit recognition of expenditure on any of the following as an intangible
o research
o start-up, pre-operating, and pre-opening costs
o training
o advertising and promotion
o moving and relocation
If the entity's previous GAAP had recognised these as assets, they are eliminated in the opening
IFRS balance sheet
If the entity's previous GAAP had allowed accrual of liabilities for "general reserves", restructurings, future operating losses, or major overhauls that do not meet the conditions
for recognition as a provision under IAS 37, these are eliminated in the opening IFRS
balance sheet
If the entity's previous GAAP had allowed recognition of contingent assets as defined in
IAS 37.10, these are eliminated in the opening IFRS balance sheet
provisions where there is no legal or constructive obligation
general reserves
internally generated intangible assets
deferred tax assets where recovery is not probable
Recognition of some assets and liabilities not recognised under previous GAAP
Conversely, the entity should recognise all assets and liabilities that are required to be recognised
by IFRS even if they were never recognised under previous GAAP. For example:
IAS 39 requires recognition of all derivative financial assets and liabilities, including
embedded derivatives. These were not recognised under many local GAAPs.
IAS 19 requires an employer to recognise a liability when an employee has provided
service in exchange for benefits to be paid in the future. These are not just post-employment benefits (e.g., pension plans) but also obligations for medical and life insurance,
vacations, termination benefits, and deferred compensation. In the case of 'over-funded'
defined benefit plans, this would be a plan asset.
IAS 37 requires recognition of provisions as liabilities. Examples could include an
entity's obligations for restructurings, onerous contracts, decommissioning, remediation,
site restoration, warranties, guarantees, and litigation.
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Deferred tax assets and liabilities would be recognised in conformity with IAS 12.
acquired intangible assets
share-based payments (IFRS 2)
assets and liabilities under finance leases

The entity should reclassify previous-GAAP opening balance sheet items into the appropriate
IFRS classification. Examples:
IAS 10 does not permit classifying dividends declared or proposed after the balance sheet
date as a liability at the balance sheet date. If such liability was recognised under
previous GAAP it would be reversed in the opening IFRS balance sheet.
If the entity's previous GAAP had allowed treasury stock (an entity's own shares that it
had purchased) to be reported as an asset, it would be reclassified as a component of
equity under IFRS.
Items classified as identifiable intangible assets in a business combination accounted for
under the previous GAAP may be required to be reclassified as goodwill under IFRS 3
because they do not meet the definition of an intangible asset under IAS 38. The converse
may also be true in some cases.
IAS 32 has principles for classifying items as financial liabilities or equity. Thus mandatorily redeemable preferred shares that may have been classified as equity under previous
GAAP would be reclassified as liabilities in the opening IFRS balance sheet.
Note that IFRS 1 makes an exception from the "split-accounting" provisions of IAS 32. If
the liability component of a compound financial instrument is no longer outstanding at
the date of the opening IFRS balance sheet, the entity is not required to reclassify out of
retained earnings and into other equity the original equity component of the compound
The reclassification principle would apply for the purpose of defining reportable
segments under IFRS 8.
Some offsetting (netting) of assets and liabilities or of income and expense items that had
been acceptable under previous GAAP may no longer be acceptable under IFRS for
example, the offset of an insurance recovery against a provision
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investments in accordance with IAS 39*

The entity should Measure all assets and liabilities in accordance with IFRS. Examples:

Assets and liabilities that might be measured differently include:

receivables (IAS 18)
employee benefit obligations (IAS 19)
deferred taxation (IAS 12)
financial instruments (IAS 39)*
provisions (IAS 37)
impairments of property, plant and equipment and intangible assets (IAS 36)
assets held for disposal (IFRS 5)
share-based payments (IFRS 2)

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