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Amendments to IFRS 1 - Fixed dates

Date recorded:

The Board discussed the recommendation made by the IFRS Interpretations Committee on replacing the fixed date of 1 January 2004, relating to the derecognition exception (IFRS 1.B2) and the fair value measurement of financial assets or liabilities at initial recognition (IFRS 1.D20), with a more relevant date.

The Board acknowledged that the cost for an entity of reconstructing transactions back in time to 2004 would likely outweigh the benefit to be achieved by doing so.

The Board unanimously agreed to replace the fixed date with "the date of transition to IFRSs". The Board also agreed to amend IFRS 1 as a separate project, rather than through the Annual Improvements process, so that the relief offered by the amendment may be available in time for those jurisdictions planning to adopt IFRSs in the near future.

The amendments will have a comment period of 60 days.

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Correction list for hyphenation

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