IASB Proposes Amendments to IFRS 1

The International Accounting Standards Board (IASB) has published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.

 

The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004’ with ‘the date of transition to IFRSs’. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs. In addition, first-time adopters would also not have to recalculate ‘day 1’ differences on initial recognition of financial instruments, where the transaction occurred before the date of transition to IFRSs.

 

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