Essay On IFRS Adoption

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Recommended: Impact of ifrs adoption on accounting

Following is an executive summary of the effect of first time IFRS adoption and the potential impact on the financial statements prior to transition of GSK from GAAP to IFRS. IFRS 1 applies to the first set of financial statements that contain an explicit and unreserved statement of compliance with IFRS and it also applies to any interim financial statements. IFRS 1 requires companies to select IFRS accounting policies and apply those polices retrospectively to all periods presented in the IFRS financial statements. Assets and liabilities required under IFRS have to be recognized. For example, assets and liabilities under finance leases have to be recognized. Assets and liabilities that IFRS does not permit have to be derecognized. For example, deferred costs that do not meet the definition of an asset have to be derecognized. All assets and liabilities have to be reclassified in accordance with IFRS at the transition date. For example, debt issuance costs must be netted against the related financial liability. All assets and liabilities have to be measured in accordance with IFRS. ...

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