Technical Correction to IFRS 1
The Board agreed, subject to ballot, to amend IFRS 1 (2008) via Technical Correction such that the effective date for the recent Revisions to IFRS is 1 July 2009.
This amendment has been made to avoid unintended consequences related to the adoption of the revised IFRS 3 (2008) and IAS 27 (2008), which are effective 1 July 2009. Constituents had brought to the attention of the IASB that the revised IFRS 1 is effective from 1 January 2009 and supersedes the previous version. However, in paragraphs 36, 37 and 39 of the revised IFRS 1 there are cross-references to the new versions of IFRS 3 and IAS 27, which are not effective until 1 July 2009. Therefore, technically IFRS 1 would provide no guidance on the topics addressed in those amended paragraphs between 1 January and 1 July 2009.
As effective dates are balloted specifically by the Board, the staff that this change could not have been implemented as an editorial correction and, instead, should be balloted. The change will be effective immediately when the written ballots are received.