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.

 

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.