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Amendments to IFRS 1

Meeting Summaries and Observer Notes


 IASB November 2010


 

 

The IASB deliberated the comments received on the exposure draft Removal of Fixed Dates for First-Time Adopters (Amendment to IFRS 1) published in August 2010. In order to provide relief for first-time adopters from having to reconstruct transactions, the Board agreed that paragraphs B2 and D20 of IFRS 1 should be amended, to change the fixed dates to the 'date of transition to IFRSs'. The Board also agreed that the amendment should have an effective date of 1 July 2011, with early application permitted.

The Board expects to issue the amendment in December 2010.

 

Date: 11/16/2010