Items measured on a cost basis
Entity A applies the business combination exemption under IFRS 1. In a business combination Entity A acquired property, plant and equipment, inventory and accounts receivable. Under its previous GAAP, Entity A initially measured these assets at cost (i.e. their fair value at the date of acquisition).
Upon adoption of IFRSs, Entity A determines that its accounting policy for these assets under its previous GAAP complied with the requirements of IFRSs. Therefore, property, plant and equipment, inventory and accounts receivable are not adjusted but recognised in the opening IFRS statement of financial position at the carrying amount under the previous GAAP.
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