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IFRS in Focus — IASB issues amendments to IFRS on removal of fixed dates for first-time adopters

Published on: Jan 05, 2011

The International Accounting Standards Board (IASB) issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters on 20 December 2010, making a limited amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards to replace references to "1 January 2004" with "the date of transition to IFRSs", eliminating the need for entities adopting IFRS for the first time to restate derecognition transactions occurring prior to the date of transition to IFRS.

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