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IASB issues a revised version of IFRS 1 with improved structure

27 November 2008

The International Accounting Standards Board (IASB) today issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. The revised version has an improved structure but does not contain any technical changes.

Since it was issued in 2003 IFRS 1 has been amended many times to accommodate first-time adoption requirements resulting from new or amended IFRSs, and as a result the text has become increasingly complex.

In 2007 the IASB therefore proposed, as part of the annual improvements project, to restructure IFRS 1 to make it easier for the reader to understand and to allow it to accommodate more easily any future changes that might be necessary.

The revised version is effective for entities applying IFRSs for the first time for annual periods beginning on or after 1 January 2009. Earlier application is permitted.

The revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards is available for eIFRS subscribers from today. Printed copies of the revised booklets (ISBN 978-1-905590-80-3) will be available shortly, at £15 plus shipping, from the IASC Foundation Publications Department. Those wishing to subscribe to eIFRSs should visit the online shop or contact:

IASC Foundation Publications Department,
30 Cannon Street, London EC4M 6XH, United Kingdom.

Tel: +44 (0)20 7332 2730
Fax +44 (0)20 7332 2749
Email: publications@iasb.org

Press enquiries

Sonja Horn, Communications Adviser, IASB
Telephone: +44 (0)20 7246 6463
Email: shorn@iasb.org

Technical enquiries

Tricia O’Malley, Director of Implementation Activities, IASB
Telephone: +44 (0)20 7246 6929
Email: tomalley@iasb.org
Fabienne Colignon, Practice Fellow, IASB
Telephone: +44 (0)20 7246 6935
Email: fcolignon@iasb.org