At its meeting on July 20-21, 2021, the IASB discussed requirements for the transition to, and early application of, the proposed amendments to IAS 1. The Board also discussed due process, including permission to begin the balloting process.

The Board tentatively decided to: (i) require entities to apply the proposed amendments retrospectively in accordance with IAS 8; and (ii) provide no exemption for first-time adopters.

The Board also tentatively decided to permit an entity to apply the proposed amendments earlier than the effective date. All of the Board members confirmed they were satisfied the Board has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the process for balloting the exposure draft. The Board plans to publish the exposure draft in the fourth quarter of 2021.

Review the IASB Update and podcast on the Board's Web site.