Proposed Amendments to IFRS 6 and IFRS 1
Date recorded:
The Board approved amendments to IFRS 1 and IFRS 6 as exposed in April 2005. The amendment will clarify that an entity that both (a) adopts IFRSs for the first time before 1 January 2006 and (b) applies IFRS 6 before that date is exempted not only from providing comparative prior-period disclosures but also from applying the recognition and measurement requirements of IFRS 6 in the prior comparative period.