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AASB 1 - First-time Adoption of Australian Equivalents to International Financia
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Text of the Standard 
Summary 
AIFRS compared to IFRS and old AGAAP 
Interpretations and guidance 
Questions & answers 
Articles 

 
Comparison between AASB 1 and IFRS 1 
 
Comparison by Jeffrey Knapp 
 
AASB 1 Compared to IFRS 1 
 
Additions 
 
Paragraph Description 
 
Aus 1.1 Which entities AASB 1 applies to, ie. reporting entities and general purpose financial reports. 
 
Aus 1.2 The application date of AASB 1, ie. annual reporting periods beginning 1 January 2005. 
 
Aus 1.3 Prohibits early application of AASB 1. 
 
Aus 1.4 Makes the requirements of AASB 1 subject to AASB 1031 ‘Materiality’. 
 
Aus 1.5 Notice of the new Standard published on 22 July 2004. 
 
Aus 3.1 The conditions for the application of AASB 1 are satisfied when the first financial report for annual reporting periods beginning on or after 1 January 2005 contains a statement of compliance with Australian Accounting Standards in accordance with paragraph 13.2 of AASB 101. 
 
Aus 25D.1 Clarifies that the references in AASB 1 to AASB 1023 ‘General Insurance Contracts’ and AASB 1038 ‘Life Insurance Contracts’ are to the July 2004 versions effective beginning on 1 January 2005. Also clarifies that AASB 1023 and AASB 1038 are to be treated as if they are Australian equivalents to IFRSs for the purpose of AASB 1. 
 
Aus 34B.1 Clarifies that entities adopting Australian equivalents to IFRSs must apply AASB 5 ‘Non-Current Assets Held for Sale and Discontinued Operations’ to the first-time comparatives presented. 
 
Aus 36.1 Clarifies that the first-time comparatives presented do not replace the original financial report for the period prior to Australian entities adopting Australian equivalents to IFRSs. 
 
Deletions 
 
Paragraph Description 
 
34B Requirements for first-time application of IFRS 5 for entities that have a transition to IFRS before 1 January 2005 and entities whose transition is on after 1 January 2005.  
 
47 Effective date of IFRS 1. 
 
App. B (i) Requirements for the first-time adopter that previously recognised goodwill as a deduction from equity. Not relevant to Australia.