Sweep issues from this meeting: Reorganisation of IFRS 1
Reorganisation of IFRS 1
The Director of Implementation Activities informed the Board that the staff planned to update the restructured version of IFRS 1 First-time Adoption of International Financial Reporting Standards as published as part of the Annual Improvements 2007 to reflect changes made to IFRS 1 as consequential amendments after 30 June 2007. The staff recommended this to avoid revising restructured IFRS 1 immediately. Furthermore, the staff recommended that the restructured IFRS 1 reflecting the changes made to it after 30 June 2007 need not be balloted by the Board.
While there seemed to be broad support for the first question, many Board members were concerned over not balloting in the light of the IASB due process handbook. One Board member asked what a jurisdiction would do with the reorganised IFRS 1 where it has a formal endorsement process - would it formally endorse or just note that nothing had changed from a content perspective?
After discussion, the Board decided to ballot on the revised restructured version.