IASB publishes proposed amendment to IFRS 1 for government loans
Oct 20, 2011
The IASB has published Exposure Draft ED/2011/5 'Government Loans' (Proposed amendments to IFRS 1) for public comment.
The proposed amendment addresses how a first-time adopter would account for a government loan with a below-market rate of interest when transitioning to IFRSs. In addition, the proposed amendment adds an exception to the retrospective application of IFRS, which would then provide the same relief to first-time adopters granted to existing preparers of IFRS financial statements when the requirement was incorporated into IAS 20 in 2008. Comments are due by 5 January 2012.
Click for:
- IASB Press Release (link to IASB website)
- Exposure Draft ED/2011/5 Government Loans (Proposed amendments to IFRS 1) (link to IASB website, PDF 121k)
- IFRS in Focus — IASB issues exposure draft on prospective application of IAS 20 to government loans at below-market rates of interest for first-time adopters of IFRSs (PDF 58k)
- Our project page for the IFRS 1 amendment
