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Does IFRS 1 require comparative information for first-time adoption?

April 26, 2017adoption comparative first-time ifrs require

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Does IFRS 1 require comparative information for first-time adoption?

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Comparative information is prepared and presented on the basis of IFRS. Almost all adjustments arising from the first-time application of IFRS are against opening retained earnings of the first period that is presented on an IFRS basis. Certain reconciliations from previous U.S. GAAP to IFRS are also required. IFRS 1 grants exemptions from the requirement to present comparative information for financial instruments and insurance contracts, and for exploration for and evaluation of mineral resources. Certain of these exemptions expired.