A request was received to replace the fixed date of 1 January 2004 in paragraph B2 of IFRS 1 (relating to the derecognition exception) with ‘the date of transition to IFRSs’.

Additionally, A request was received to replace the fixed dates of 25 October 2002 and 1 January 2004 in paragraph D20 of IFRS 1 with ‘the date of transition to IFRSs’. Paragraph D20 is an exemption relating to the fair value measurement of financial assets or financial liabilities at initial recognition (‘day 1 gains and losses’) in accordance with IAS 39 Financial Instruments: Recognition and Measurement.

The date of 1 January 2004 was originally included for to correspond to the effective dates of the revision to IAS 39 Financial Instruments: Recognition and Measurement in 2003.

At its July 2010 meeting, the IFRS Interpretations Committee recommended that, to provide timely relief to jurisdictions transitioning to IFRSs, the Board address the derecognition exception and fair value measurement exception, in a separate project, rather than as part of Annual Improvements.

The Board will deliberate these issues at its July 2010 meeting.