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IFRS 1 — Exemption from comparative IFRS 7 disclosures

Background

At the November 2009 IASB meeting, the Board considered a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards to permit entities adopting IFRSs for the first time before 1 January 2010 to apply the transition provisions in paragraph 44G of IFRS 7 Financial Instruments: Disclosures in their first IFRS financial statements.

The intention of the amendment is to give first-time adopters the same transitional provisions that Improving Disclosures about Financial Instruments (Amendments to IFRS 7), which was issued on 5 March 2009, provides to current IFRS preparers.

 

Current status of the project

This project has been completed. The IASB issued Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) on 28 January 2010.

 

Project milestones

DateDevelopmentComments
26 November 2009 Exposure Draft ED/2009/13 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters published Comment deadline 29 December 2009
28 January 2010 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) issued Effective for annual periods beginning on or after 1 July 2010

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.