Deloitte Touche Tohmatsu comment letter on first-time application

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31 Oct 2002

We have posted the (PDF 63k) of Deloitte Touche Tohmatsu to IASB on IASB Exposure Draft 1, First-Time Application of IFRS.

Overall, we support the opening balance sheet approach of ED1. We believe the approach addresses the practical problems of applying the previous requirements under SIC-8, First-Time Application of IASs as the Primary Basis of Accounting, and the IASB has accomplished its objective of ensuring that an entity's first IFRS financial statements contain high quality information. Nonetheless, our review of ED1 identified a number of issues that arise from applying the different options and exemptions under the opening balance sheet approach that we believe should be addressed by the IASB. You will find all of our past comment letters Here.

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