IFRS 1 – first time adoption of the International Financial Reporting Standards (III)

Author:Emil CULDA

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Keywords:optional exceptions, employees’ benefits, foreign exchange differences, financial instruments, fair value

Abstract:
The problems IFRS 1 pose to the accounting professionals who prepare IFRS financial statements and not only, are related to the complexity and diversity of the financial accounting information which are to be processed as such and also to the working techniques and methods needed for such an endeavor. \r\n\r\nBetween the exceptional exceptions the author approaches the employees’ benefits, according to IAS 19. Than, are also treated the issues related to the cumulated foreign exchange differences, branches assets and liabilities, joint ventures, transactions paid with shares, and insurance contracts. \r\nThe article discusses the issues related to the change in debts resulted from liquidation, restoration and of similar nature included in the tangible assets costs, as well as the fair value evaluation of the financial assets and liabilities.\r\n\r\n

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