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 — Additional exemptions for first-time adopters


This project arose from the IASB's consideration of requests from the Canadian Accounting Standards Board (AcSB) and the Canadian oil and gas industry to provide additional exemptions in IFRS 1 First-time Adoption of International Financial Reporting Standards in the following areas:

  • Derecognition of financial assets and liabilities - this issue was dealt with later on the IASB's project on IFRS 1 'fixed dates'
  • Reassessment of accounting under previous GAAP
  • Retrospective restatement of fair values
  • Oil and gas industry issue: Full cost accounting
The IASB did not proceed with all matters raised.


Current status of the project

This project has been completed.  The IASB issued Additional Exemptions for First-time Adopters (Amendments to IFRS 1) on 23 July 2009.


Project milestones

March 2008 Added to the IASB's agenda
25 September 2008 Exposure draft Additional Exemptions for First-time Adopters (proposed amendments to IFRS 1) published Comment deadline 23 January 2009
23 July 2009 Additional Exemptions for First-time Adopters (Amendments to IFRS 1) issued Effective for annual periods beginning on or after 1 January 2010.

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.