This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRS 1 — Repeat application

Date recorded:

The Committee received a request in March 2010 to clarify whether an entity can apply IFRS 1 more than once.  The staff presented the proposed draft wording of an amendment to IFRS 1 to the Committee for consideration.

Following a short discussion on improving the wording the proposed amendment and the accompanying basis for conclusions, it was agreed that it should be clarified in the basis for conclusion that the requirement to apply IFRS 1 each time an entity prepares financial statements that meet the definition of its first IFRS financial statements, only apply when the entity has applied IFRSs in previous periods but not in its most recent financial statements.

The Committee unanimously agreed to amendment of the Standard as proposed.

Related Topics

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.