The International Accounting Standards Board (IASB) issued today a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards.
The amendment relieves first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). It thereby ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers.
The additional disclosure requirements included in Amendments to IFRS 7 were part of the IASB’s response to the financial crisis; they require enhanced disclosures about fair value measurements and liquidity risk.
Additionally, the amendment to IFRS 1 clarifies the IASB’s conclusions and intended transition for Amendments to IFRS 7.
The effective date of the amendment Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) is 1 July 2010, with earlier application permitted.
For press enquiries, please contact:
- Mark Byatt , Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472
- Sonja Horn , Communications Adviser, IASB
Telephone: +44 (0)20 7246 6463
For technical enquiries, please contact:
- Michael Stewart, Director of Implementation Activities, IASB
Telephone: +44 (0)20 7246 6922
- Michael Kraehnke, Practice Fellow, IASB
Telephone: +44 (0)20 7246 6912