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Amendments to IFRS 7

Date recorded:

Derecognition disclosures

The Board reconsidered the transition requirements of forthcoming amendments to IFRS 7 related to derecognition of financial assets and based on limited time for implementation decided to provide the same relief in respect of comparative disclosures to all entities, not only current IFRS users but also first time adopters. Therefore the Board instructed the staff to draft an amendment to IFRS 1 on this basis. The staff noted that amendments to IFRS 7 (and consequential amendments to IFRS 1 approved today) are planned to be published on Thursday, October 7.