First-Time Adoption of IFRS

Date recorded:

The Board discussed certain issues that have arisen from drafting the pre-ballot draft for a final IFRS on first-time adoption of IFRSs. The Board expects a final IFRS in the second quarter of 2003. In addition to miscellaneous drafting issues, the Board discussed the delineation in the Exposure Draft of choices between those made on the basis of cost versus benefit and other choices freely provided in the standard. The Board has decided that all choices in the final IFRS shall be free choices, except for hedge accounting, derecognition and estimates.

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