IFRS 1 first-time adoption template
An Excel template for an entity adopting IFRS Accounting Standards for the first time. It confirms that IFRS 1 applies, records every exemption and exception, carries each transition adjustment and its tax into the opening IFRS balance sheet and the comparatives, and drafts the first-time adoption note. It comes with a fully worked example for a fictitious Irish company moving from FRS 102.
What it does
Sets the date of transition and the comparative period from your first IFRS reporting date, tests whether IFRS 1 applies (including repeat adoption under IFRS 1.4A), and chooses IFRS 18 or IAS 1 presentation, flagging when IFRS 18 is required.
Records a decision on each of the 23 optional exemptions in Appendices C and D, and how each mandatory exception has been applied (estimates and Appendix B, including deferred tax on leases under B14).
Registers up to 25 adjustments by source and nature – errors (IFRS 1.26), reclassify, recognise, derecognise, remeasure – with the relief relied on, the tax rate and the explanation for the note.
Takes the double entry for each adjustment at the date of transition and for the comparative period, and tests that each balances and that its tax agrees to the rate at both dates.
Bridges previous GAAP to IFRS for the opening statement of financial position, the comparative statement of financial position, and profit or loss and OCI (with the IFRS 18 subtotals), and checks that equity rolls forward.
Re-presents the statement of cash flows and explains the differences (IFRS 1.25), agreeing cash at both dates.
Drafts the note: the opening wording, the exemptions applied, the IFRS 1.24 reconciliations of equity and comprehensive income with errors shown separately, the IFRS 1.30 deemed cost table and the cash flow explanation, with a 20-point checklist and 29 automatic checks.
Includes a library of 19 common FRS 102 differences, each with the IFRS 1 relief and a link to the adjustment that deals with it.
What it does not do
It records and presents the adjustments; it does not calculate them. Use it alongside the Wide GAAP templates for leases, deferred tax, expected credit losses and the other areas.
It does not draft the statement of changes in equity, the IAS 36 disclosures required by IFRS 1.24(c) or the interim reconciliations in IFRS 1.32.
It covers one entity, one presentation currency and one comparative year. The FRS 102 library lists common differences only; it is not a full comparison and does not cover other GAAPs.
What you get
One Excel workbook (.xlsx) with Instructions, the blank template and a worked example: Kilbrin Medical Devices Ltd, moving from FRS 102 ahead of a listing, with leases, development costs, goodwill, fair value as deemed cost for land and buildings, software, expected credit losses, a capital grant, maintenance contracts, a previous GAAP error and the deferred tax on each.
Clearly marked input cells, protected formulas and built-in checks, with a status line on every tab.
Works in Microsoft Excel 2010 or later (Windows or Mac). No macros.
Scope
IFRS 1 First-time Adoption of International Financial Reporting Standards as issued by the IASB at October 2026, with IFRS 18 or IAS 1 for presentation and IAS 12 for the tax effects. The FRS 102 library reflects FRS 102 including the amendments effective for periods beginning on or after 1 January 2026.
Moving to IFRS 18 at the same time? See the IFRS 18 Transition Pack. Working out the tax on each adjustment? Use the Deferred tax template.
Designed for finance teams, auditors and advisers preparing or reviewing first IFRS financial statements. It is a working aid: it does not replace the Standards or professional judgement, and its scope and limitations are set out in the Instructions tab. The worked example is fictitious.
