IFRS for SMEs / Section 35: Transition to the IFRS for SMEs Accounting Standard

Section 35: Transition to the IFRS for SMEs Accounting Standard

Section 35 applies when an entity adopts the Standard for the first time: it restates the opening statement of financial position, with some optional exemptions.

Disclosures to look for

35.12 An explanation of how the transition affected the reported financial position and performance.

How Sight applies it

Opening balances are captured as a take-on journal in the prior year, so comparatives come from the ledger.

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