The publication includes extensive interpretative guidance and illustrative examples to elaborate or clarify the practical application of IFRS 1. The publication is based on standards and interpretations that would be effective, at the time of printing, for a first-time adopter of IFRSs with a first annual IFRS reporting date of 31 December 2010 and a date of transition of 1 January 2009.
Therefore the publication includes, for example, guidance on the revised version of IFRS 3 Business Combinations (2008), amended IAS 27 Consolidated and Separate Financial Statements (2008) and the revised version of IAS 1 Presentation of Financial Statements (2007).