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Tuesday 29 July 2014

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Repeated application of IFRS 1


 Narrow scope amendments to IFRS 1 First-time Adoption of IFRSs (Annual improvements)

Repeated application of IFRS 1

The IASB identified the need to clarify whether an entity may apply IFRS 1:

  1. if the entity meets the criteria for applying IFRS 1 and has applied IFRS 1 in a previous reporting period; or
  2. if the entity meets the criteria for applying IFRS 1 and has applied IFRSs in a previous reporting period when IFRS 1 did not exist.

Project stages

Deliberations

Completed – Amendment included in Annual Improvements to IFRSs (2009-2011 Cycle) published in May 2012