First-Time Application of IAS

Date recorded:

The IASB's staff summarised the tentative conclusions for a new Standard on First-Time Application of IFRS (refer to November 2001 IASB meeting).

National standard setters did not make any comment on the project, except that the UK Chairman, supported by some IASB members, raised concerns about the proposed exception to the requirement to restate under IFRS for financial instruments (i.e., those financial instruments that were derecognised under local GAAP before 1 January 2001 that would meet the recognition criteria under IFRS).

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