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Friday 19 December 2014

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IASB issues amendments to IFRS 1

 13 March 2012


 

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.
 


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Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
Email: mbyatt@ifrs.org  

 


 

 

 

Related information 

  • Click here for a print-friendly PDF of this press release
  • Click here for more information about the Amendments to IFRS 1 project