Exposure Draft and comment letters—Removal of Fixed Dates for First-time Adopters (Proposed Amendments to IFRS 1)

 

On 26 August 2010 the International Accounting Standards Board (IASB) published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004’ with ‘the date of transition to IFRSs’. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs. In addition, first-time adopters would also not have to recalculate ‘day 1’ differences on initial recognition of financial instruments, where the transaction occurred before the date of transition to IFRSs.

The exposure draft, Removal of Fixed Dates for First-time Adopters, was open for comment until 27 October 2010.

 

Comment letters are public and all comment letters received on the due process document can be accessed below.

If you have trouble finding a specific comment letter, please contact us.

Access individual comment letters in the table below or download all letters as zip file.

ID Submitter

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