IFRS 1 — Short-term exemptions

Date recorded:

The Project manager introduced the paper by explaining that it relates to amendments to IFRS 1 as included in page 9 and 10 of the paper. The objective is to delete short term exceptions to be consistent with the original IASBs intention when it added those exemptions.

The table below details the proposed amendments:

Exemption or exception in IFRS 1

Applicable to

First IFRS reporting period

Proposed actions

E1 and E2 (IFRS 9)


comparative periods beginning before 1/1/2011


beginning before 1/1/2012 (transition before 1/1/2011)


To analyse in the IASB’s projects related to IFRS 9.


E3 (IFRS 7 (2009))


comparative periods within an annual period ending before 31/12/2009 (ie beginning before 1/1/2009)


beginning before 1/1/2010 (transition before 1/1/2009)


To delete, effective 1/7/2016


E4 (IFRS 7 (2010))


comparative periods beginning before an annual period beginning on or after 1/7/2011


beginning before 1/7/2012 (transition before 1/7/2011)


To delete, effective 1/7/2016


E4A (Proposed amendment to IFRS 7 in Exposure Draft Annual Improvements: 2012-2014 Cycle)


comparative periods beginning before an annual period beginning on or after 1/1/ 2016


beginning before 1/1/2017 (transition before 1/1/2016)


To delete, effective 1/1/2018


E5 (IAS 19 (2011))


comparative periods beginning before 1/1/2013


beginning before 1/1/2014 (transition before 1/1/2013)


To delete, effective 1/7/2016


E6 (IFRS 10 Investment entities)


Not specified




To delete, effective 1/7/2016


E7 (IFRS 10 Investment entities)


comparative periods ending on or before 31/12/2013 (ie beginning on or before 1/1/2013)


beginning on or before 1/1/2014 (transition on or before 1/1/2013)


To delete, effective 1/7/2016


On voting, all Board members agreed with the staff recommendation.

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.