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Under IFRS 1, reconciliations between previous GAAP and IFRS are required for equity and total comprehensive income. The reconciliation of a company’s equity is required for both the date of transition to IFRS and the end of the last period presented under previous GAAP. For total comprehensive income/loss (or profit/loss if a company did not report total comprehensive income/loss), the reconciliation is only required for the latest annual period under previous GAAP. The reconciliations should provide sufficient detail to enable users to understand the material adjustments to the balance sheet, statement of comprehensive income/loss, and if presented under previous GAAP, statement of cash flows.
For example, a company that is preparing its first IFRS financial statements for the year ended December 31 20X1, with one year of comparative information as well as presenting its opening balance sheet, would disclose reconciliations for equity at January 1, 20X0 and December 31, 20X0, and comprehensive income/loss for the year ended December 31, 20X0.
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