The International Accounting Standards Board (IASB) today issued amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.
The amendments, dealing with loans received from governments at a below market rate of interest, give first-time adopters of IFRSs relief from full retrospective application of IFRSs when accounting for these loans on transition. This is the same relief as was given to existing preparers of IFRS financial statements.
The amendments are mandatory for annual periods beginning on or after 1 January 2013. Earlier application is permitted.
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
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