Page 230 - SBR Integrated Workbook STUDENT S18-J19

Chapter 16

1.3 Applying IFRS Standards

At the date of transition, the entity must:

 recognise all assets and liabilities required by IFRS Standards

 derecognise assets and liabilities not permitted by IFRS Standards

 reclassify assets, liabilities and equity in accordance with IFRS Standards

 measure assets and liabilities in accordance with IFRS Standards.

1.4 Reporting gains and losses

Gains or losses arising on the adoption of IFRS Standards at the date of transition
should be recognised directly in retained earnings.

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