The IFRS Foundation Trustees are responsible for the governance, oversight and strategy of the Foundation and the International Accounting Standards Board, which sets IFRS … Its effectiv e date is 1 July 2009. IFRS 1 – First- time adoption of IFRS. IFRS 16 replaces the previous leases standard, IAS 17: Leases, and sets out the principles for recognition, measurement and disclosure of … First-time Adoption of International Financial Reporting Standards This version was issued in November 2008. The IASB restructured IFRS 1 in November 2008. #1: New standard IFRS 17 Insurance was issued in 2017. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32. Standards Issued and Effective on or after 1 January 2022 Standard Change 1 IFRS 17 Insurance Contracts IFRS 17 creates one accounting model for all insurance contracts in all IFRS 1, as revised in November 2008, has been amended by the following documents: IFRS 1 First-time Adoption of International Financial Reporting Standards was issued by the International Accounting Standards Board in June 2003. This IFRS was issued by the IASB on June 19, 2003 and became effective for the financial statements covering periods beginning on or after January 01, 2004. It replaced SIC-8 First-time Application of IASs as the Primary Basis of Accounting (issued by the Standing Interpretations Committee in July 1998). In December 2010 the IASB amended IFRS 1 to reflect that a first-time adopter would restate past transactions from the date of transition to IFRS instead of at 1 January 2004. In December 2008 the IASB deferred the effective date of the revised version from 1 January 2009 to 1 July 2009. IFRS 1 - First-time Adoption of International Financial Reporting Standards To start with, the ICAP should adopt IFRS 1 - First-time Adoption of International Financial Reporting Standards. International Financial Reporting Standards - IFRS: International Financial Reporting Standards (IFRS) are a set of international accounting standards stating how particular types of … (Amendments to IFRS 1 and IAS 27) (issued May 2008)* • Improvements to IFRSs (issued May 2008).† In November 2008 the IASB issued a revised IFRS 1. The new insurance standard IFRS 17 Insurance Contracts was issued in 2017 with the effective date of 1 January 2021, but IASB already makes steps to postpone its application till 2022. The standard is effective for financial periods beginning on or after 1 January 2019. This balance sheet serves as the starting point for the entity's accounting under IFRS. In June 2003 the Board issued IFRS 1 First-time Adoption of International Financial Reporting Standards to replace SIC‑8. The Board restructured IFRS 1 … The revised IFRS 1 issued at 1 January 2009 requires an entity to prepare and present an opening IFRS statement of financial position at the date of transition to IFRS. IFRS 1 contains all of the transitional recognition, measurement, presentation and disclosure requirements applicable for a first- time adopter preparing its first annual and interim financial statements in accordance with IFRS. The IFRS Foundation has appointed three Trustees and re-appointed seven, effective 1 January 2021. The International Accounting Standards Board (IASB) issued IFRS 16: Leases in 2016. IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout IFRS Standards, including IFRS 1. It includes amendments made by IFRSs issued up to 31 December 2010. 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