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
Date | Development | Comments |
---|---|---|
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 |