SIC-8
Historical
First-time Application of IASs as the Primary Basis of Accounting
Addressed how an entity adopting IASs for the first time should apply them, generally requiring retrospective application. Superseded in 2003 by IFRS 1.
Historical Reference
SIC-8 was superseded in June 2003 when the IASB issued IFRS 1 First-time Adoption of International Financial Reporting Standards, which provided a comprehensive framework for first-time adopters and replaced the narrow guidance in SIC-8.
This page is retained for historical and comparative reference. Entities should refer to the current standard that superseded this interpretation for authoritative guidance.
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What SIC-8 Addressed (Historical)
What SIC-8 addressed
SIC-8 addressed how an entity should apply International Accounting Standards (IASs) for the first time as the primary basis of accounting. It dealt with the transition from local GAAP to IASs and whether retrospective application was required or if transitional exemptions were available.
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The Conclusion It Reached (Historical)
The conclusion it reached
SIC-8 concluded that an entity adopting IASs for the first time should generally apply them retrospectively, restating prior periods as if IASs had always been used. However, it recognised that full retrospective application might be impracticable in some cases, and permitted selected exemptions where the requirements of IASs were inconsistent with the requirements of the previous GAAP and the adjustments were material.
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Where This Guidance Lives Today
Where this guidance lives today
Superseded byIFRS 1 First-time Adoption of International Financial Reporting Standards
Why withdrawnIFRS 1 provided a comprehensive framework for first-time adoption
Current statusSuperseded
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Glossary
First-time adoption
The date when an entity first prepares and presents a complete set of financial statements in accordance with International Financial Reporting Standards.
Retrospective application
The application of a new accounting policy to transactions, other events and conditions as if that policy had always been applied.
Financial statement key
BS Balance sheet
IS Income statement
SE Statement of changes in equity
OCI Other comprehensive income
SCF Statement of cash flows
History & Development
Jan-1998
In January 1998 the Standing Interpretations Committee issued SIC-8 First-time Application of IASs as the Primary Basis of Accounting.
Apr-2001
In April 2001 the International Accounting Standards Board adopted SIC-8.
Minor consequential amendment to SIC-8
Jun-2003
In June 2003 the Board issued IFRS 1 First-time Adoption of International Financial Reporting Standards which superseded SIC-8.
Superseded by IFRS 1