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First-time application of International Financial Reporting Standards:

Date recorded:

The IASB working group has concluded that SIC-8 needs modification to provide true comparability. The proposals for a new standard are as follows:

  • On first-time application entities should apply the standards that are in existence at that time;
  • Should be applied both to the current year and a required number of prior years;
  • The date of adoption is the commencement of the first year of presentation;
  • There will be a 'look back' period (length to be determined) for which significant events should be disclosed, but not restated; and
  • Impracticability exemption permitted by SIC-8 will be removed.

Initial proposals also suggest that this new standard should replace all transitional rules provided in IFRSs. This proposal raised some concerns among the Board and further discussion is expected. In addition, consideration is required in respect of the use of hindsight when applying standards retrospectively, for instance, knowing that a provision should have been recognised at a particular point.

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.