IASB amends IFRS 1 to add IFRS 7 disclosure exemption

  • ifrssmnew.gif Image

29 Jan, 2010

The International Accounting Standards Board (IASB) has amended IFRS 1 'First-time Adoption of International Financial Reporting Standards' to exempt first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by 'Improving Disclosures about Financial Instruments (Amendments to IFRS 7)'.

The amendment gives first-time adopters the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. The amendment is effective on 1 July 2010, with earlier application permitted. Click for IASB press release.

 

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.