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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

Related Discussions

  • Amendments to IFRS 7

  • Oct 05, 2010

  • 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.

All Related