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Proposal to change IFRS 1 effective date

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13 Dec 2008

The IASB has added to its December 2008 meeting agenda a project to change the effective date of the restructured version of IFRS 1 'First-time Adoption of International Financial Reporting Standards' that the Board released on 25 November 2008.

This new version of IFRS 1 supersedes the previous version effective for annual periods beginning on or after 1 January 2009. Unfortunately, paragraphs 36, 37, and 39 of the new IFRS 1 make reference to IFRS 3 Business Combinations (revised 2008) and IAS 27 Consolidated and Separate Financial Statements (revised 2008), both of which are not effective until 1 July 2009. Therefore, technically the guidance on the topics covered in the three cited paragraphs is not valid from 1 January to 1 July 2009. To fix that problem, the IASB staff has proposed that the Board amend IFRS 1's effective date to 1 July 2009.

See our 25 November 2008 story on the release of the restructured version of IFRS 1.

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