On the FAO blog, read about how to capture data for your processes:https://faoblog.com/transition-capture-data/
Exposure draft 1 proposed that a first time adopter should use either all the exemptions or note of them. However, the IASB reconsidered this approach in the light of comments received and grouped the exceptions to retrospective applications into two groups. Thus IFRS-1 establishes two categories of exceptions to the principle that an entity’s opening IFRS statement of financial position shall comply with each IFRS:
a) Prohibits retrospective application of some aspects of other IFRSs.
b) Grant exemptions from some requirements of other IFRSs. (Optional exceptional)
The first group consists of mandatory exception where full retrospective application is prohibited. These are in respect of some aspects of de-recognition, hedge accounting, estimates, assets classified as held for sale and discontinued operations.
The reason given by the IASB for these requirements is that there is a danger of abuse if retrospective application would require judgments by managements about past conditions after the outcome of a particular transaction is already known.
And the Second group consists of optional exemptions which may be selected independently of each other. Entities adopting IFRSs will therefore need to decide in each case the advantages and disadvantages of using these exceptions. When more than one voluntary exemption affects an account balance, more than one exemption can be applied. The decision to apply individual voluntary exemptions is independent. There is no requirement to use a particular voluntary exemption as the result of choosing another voluntary exemption. Further please note IFRS1 clearly states that an entity shall not apply these exemptions by analogy to other items
Under first category, IFRS1 prohibits retrospective application of below four aspects of other IFRSs relating to; Estimates, Derecognition of financial assets and financial liabilities, Hedge accounting, & Hedge accounting.
Under second category, a first time adopter may elect to use one or more of the 16 exemptions.