The Interpretations Committee discussed a request to clarify the transitional provisions of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements. The transitional provisions of IFRS 10 and IFRS 11 provide relief from retrospective application in specific circumstances. However, the submitter observes that IFRS 10 and IFRS 11 do not provide specific relief from retrospective application of IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 23 Borrowing Costs or IAS 36 Impairment of Assets. The submitter thinks that retrospective application of these Standards could be problematic when first applying IFRS 10 and IFRS 11.
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