IASB amends IFRS 1 and IAS 12
Dec 20, 2010
The International Accounting Standards Board (IASB) has published amendments to IAS 12 'Income Taxes' and IFRS 1 'First-time Adoption of International Financial Reporting Standards'.
- replacing references to "1 January 2004" with "the date of transition to IFRSs", eliminating the need for entities adopting IFRS for the first time to restate derecognition transactions occurring prior to the date of transition to IFRS
- providing guidance on how an entity should resume presenting financial statements in accordance with IFRS after a period when the entity was unable to comply with IFRS because its functional currency was subject to severe hyperinflation.
- IASB press release on Deferred Tax: Recovery of Underlying Assets: Amendments to IAS 12 (PDF 33k)
- IASB press release on Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters: Amendments to IFRS 1 (PDF 33k)
- IAS Plus summary of income taxes project
- IAS Plus summary of IFRS 1 fixed dates project
- IAS Plus summary of IFRS 1 hyperinflation project