first ifrs financial statements outside the annual report or statutory financial sta 611068

First IFRS financial statements outside the annual report or statutory financial statements

Entity E prepared financial statements under its previous GAAP for the period ending 31 December 2011. In connection with its initial public offering, Entity E published an offering document that includes IFRS financial statements that contain an unreserved statement of compliance with IFRSs. The date of transition to IFRSs for the purposes of those financial statements, which cover the most recent three financial years, was 1 January 2009.

Entity E”s annual report (or statutory financial statements) are prepared under IFRSs for the first time for the period ending 31 December 2012.

The IFRS financial statements included in Entity E”s offering document were its first IFRS financial statements. Entity E should not apply IFRS 1 in its first annual financial statements (or statutory financial statements) prepared under IFRSs as it is not a first-time adopter. Although not required by IFRSs, Entity E may want to repeat information about its transition to IFRSs in its annual financial statements.

If, however, Entity E had included financial statements in its offering document that did not contain an unreserved statement of compliance with IFRSs then the annual financial statements for 2012 (or statutory financial statements) would need to be prepared in accordance with IFRS 1. If those financial statements only included comparative information for the year ended 31 December 2011 then Entity E”s date of transition would be 1 January 2011.