Proposed Amendments Ease First-Time Adoption of IFRS


The International Accounting Standards Board (IASB) on Thursday published 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 IFRS.” As a result, entities adopting IFRS for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRS. 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 IFRS.

 

Comments on the ED, Removal of Fixed Dates for First-time Adopters, are due Oct. 27. and can be filed and read under the Comment on a Proposal section of ifrs.org.

 

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