IFRS 1 — Short-term exemptions
The Project manager introduced the paper by explaining that it relates to amendments to IFRS 1 as included in page 9 and 10 of the paper. The objective is to delete short term exceptions to be consistent with the original IASBs intention when it added those exemptions.
The table below details the proposed amendments:
|
Exemption or exception in IFRS 1 |
Applicable to |
First IFRS reporting period |
Proposed actions |
|---|---|---|---|
|
E1 and E2 (IFRS 9)
|
comparative periods beginning before 1/1/2011
|
beginning before 1/1/2012 (transition before 1/1/2011)
|
To analyse in the IASB’s projects related to IFRS 9.
|
|
E3 (IFRS 7 (2009))
|
comparative periods within an annual period ending before 31/12/2009 (ie beginning before 1/1/2009)
|
beginning before 1/1/2010 (transition before 1/1/2009)
|
To delete, effective 1/7/2016
|
|
E4 (IFRS 7 (2010))
|
comparative periods beginning before an annual period beginning on or after 1/7/2011
|
beginning before 1/7/2012 (transition before 1/7/2011)
|
To delete, effective 1/7/2016
|
|
E4A (Proposed amendment to IFRS 7 in Exposure Draft Annual Improvements: 2012-2014 Cycle)
|
comparative periods beginning before an annual period beginning on or after 1/1/ 2016
|
beginning before 1/1/2017 (transition before 1/1/2016)
|
To delete, effective 1/1/2018
|
|
E5 (IAS 19 (2011))
|
comparative periods beginning before 1/1/2013
|
beginning before 1/1/2014 (transition before 1/1/2013)
|
To delete, effective 1/7/2016
|
|
E6 (IFRS 10 Investment entities)
|
Not specified
|
N/A
|
To delete, effective 1/7/2016
|
|
E7 (IFRS 10 Investment entities)
|
comparative periods ending on or before 31/12/2013 (ie beginning on or before 1/1/2013)
|
beginning on or before 1/1/2014 (transition on or before 1/1/2013)
|
To delete, effective 1/7/2016
|
On voting, all Board members agreed with the staff recommendation.
