North wood Industries, a U.S.-based public company, has two subsidiaries located in Europe. These two subsidiaries are required to prepare their individual financial statements in accordance with IFRS. North wood, contemplating that the SEC will soon requires U.S.-based public companies to file financial statements also in accordance with IFRS, has decided to check out the requirements.
The new controller at North wood is seeking assistance as to whether any international standards address first-time adopters of IFRS and, more specifically, the requirements to the change to IFRS.

Required: 

Utilize eIFRS to determine if there is an international standard applicable to first-time adopters. If so, what are the basic requirements for adoption of IFRS?