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On 26 November 2009 the International Accounting Standards Board (IASB) published for public comment an exposure draft on Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Proposed amendment to IFRS 1).
The proposed amendment to IFRS 1 would provide first-time adopters with the same relief available to those already applying IFRSs when they first apply Improving Disclosures about Financial Instruments (Amendments to IFRS 7 Financial Instruments: Disclosures) issued in March 2009.
The exposure draft was open for comment until 29 December 2009.
