Amendment to IFRS 1
The Board analysed the comment letters received. As the majority of the comment letters were supportive, the Board decided to proceed to the ballot.
The Board considered whether the effective date should be brought to the start of 2010. Some Board embers noted that an earlier effective date might cause unintended legal issues in some jurisdictions. Therefore, the Board decided to retain the original proposed effective date (1 July 2010).
The Board decided to clarify in the amendment that the exemption from providing additional IFRS 7 disclosures relate to all comparative periods, including the opening statement of financial position. The Board also clarified that these requirements should be consistent for the first-time adopters as well as current users of the IFRSs.