IFRS 1 — Fixed date in derecognition exception

Date recorded:

At its May meeting, the Committee decided to delay the finalisation of the request to replace the fixed date of 1 January 2004 in IFRS 1.B2 with a more relevant date, pending the transition requirements specified in the exposure draft on Derecognition to be issued by the Board.  Following the revised work plan issued by the Board and the decision not to issue an exposure draft on derecognition in the near future, the Board referred to matter back to the Committee for reconsideration.

Without much discussion on the matter, the Committee agreed with the staff recommendation to replace the fixed date with the phrase “date of transition to IFRSs”.  The Committee also agreed with the proposal to recommend to the Board that the amendment to IFRS 1 not being done as part of the Annual Improvement Process, but rather as a separate amendment to IFRS 1 as this will result in a more expedient solution to those jurisdictions planning to adopt IFRSs in the near future.

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