IFRS 1 First time adoption of IFRS full standards

IFRS 1 First-time Adoption of IFRS provides guidance for entities preparing IFRS financial statements for the first time. Its objective is to ensure transparent, comparable, high-quality information and a reliable starting point for IFRS accounting. An entity prepares an opening IFRS statement of financial position, recognizes and measures assets and liabilities according to IFRS, reclassifies items where necessary, and records transition adjustments generally in equity. IFRS policies are applied consistently, with mandatory exceptions and optional exemptions from full retrospective application. First IFRS financial statements must include comparative information and explain the transition from previous GAAP through reconciliations of equity and comprehensive income, including material adjustments and distinguishing errors from policy changes