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Date of transition to IFRSs | The beginning of the earliest period for which an entity presents full comparative information under IFRSs in its first IFRS financial statements. Deemed cost | An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed cost. Fair value | The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. First IFRS financial statements | The first annual financial statements in which an entity adopts International financial reporting standards (IFRSs), by an explicit and unreserved statement of compliance with IFRSs. First IFRS reporting period | The reporting period ending on the reporting date of an entity's first IFRS financial statements. First-time adopter | An entity that presents its first IFRS financial statements. International financial reporting standards (IFRSs) | Standards and interpretations adopted by the International Accounting Standards Board (IASB). They comprise: (a) international financial reporting standards; (b) international accounting standards; and (c) interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC). Opening IFRS balance sheet | An entity's balance sheet (published or unpublished) at the date of transition to IFRSs. Previous GAAP | The basis of accounting that a first-time adopter used immediately before adopting IFRSs. Reporting date | The end of the latest period covered by financial statements or by an interim financial report.

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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.