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| 3 | An entity's first IFRS financial statements are the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements under IFRSs are an entity's first IFRS financial statements if, for example, the entity: (a) presented its most recent previous financial statements: (i) under national requirements that are not consistent with IFRSs in all respects; (ii) in conformity with IFRSs in all respects, except that the financial statements did not contain an explicit and unreserved statement that they complied with IFRSs; (iii) containing an explicit statement of compliance with some, but not all, IFRSs; (iv) under national requirements inconsistent with IFRSs, using some individual IFRSs to account for items for which national requirements did not exist; or (v) under national requirements, with a reconciliation of some amounts to the amounts determined under IFRSs; (b) prepared financial statements under IFRSs for internal use only, without making them available to the entity's owners or any other external users; (c) prepared a reporting package under IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in IAS 1 Presentation of financial statements; or (d) did not present financial statements for previous periods.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-08 · Text as adopted (Official Journal); later amendments are not incorporated in this text.