Geneva Technology Company (GTC), a Swiss-based company founded in 1999, is considering the use of IFRS in preparing its annual report for the year ended December 31, 2013. You are the manager of GTC’s fixed assets accounting department.
Required: 1. Identify the steps that you will need to take in your department to comply with the requirements of IFRS1. 2. IASs and IFRSs that are related to fixed assets (long-life assets other than financial assets). 3. The entity’s date of transition to IFRS. This is the date when the entity is to prepare an "opening IFRS balance sheet".