EFRAG supports proposed amendments to IFRSs 1 and 6
12 May 2005
EFRAG has invited comments (by 31 May 2005) on its Draft Letter to the IASB concerning the IASB's proposed small amendments to IFRS 6 and IFRS 1. The amendments would 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.
EFRAG supports the IASB proposal.