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Amendments to IFRS 1

Meeting Summaries and Observer Notes


 IASB January 2010


 

 

The Board deliberated the comments received on the exposure draft Limited Exemptions from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) published in November 2009. To avoid the potential use of hindsight and to ensure that first-time adopters are not disadvantaged as compared with current IFRS preparers, the Board decided that first-time adopters should be permitted to use the same transition provisions permitted for existing preparers of financial statements prepared in accordance with IFRSs that are included in Improving Disclosures about Financial Instruments (Amendments to IFRS 7).

Additionally, the Board amended paragraph 44G of IFRS 7 Financial Instruments: Disclosures to clarify its conclusions and intended transition for Improving Disclosures about Financial Instruments (Amendments to IFRS 7, issued in March 2009). The Board clarified that an entity need not provide comparative information for the disclosures required by the amendments for: (a) any periods presented ending before 1 January 2009 and (b) any statement of financial position as at a date before 31 December 2009.

The Board expects to issue the amendment in January 2010.

Date: 1/21/2010