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IASB releases restructured version of IFRS 1

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25 Nov 2008

The IASB has released a restructured version of IFRS 1 'First-time Adoption of International Financial Reporting Standards'.

IFRS 1 was first issued in June 2003, and since then it has been amended frequently. As a result, the IFRS became more complex and less clear. In 2007, therefore, the Board proposed, as part of its annual improvements project, to change IFRS 1 to make it easier for the reader to understand and to design it to better accommodate future changes. The new version of IFRS 1 just issued retains the substance of the previous version, but within a changed structure. It replaces the previous version and is effective for entities applying IFRSs for the first time for annual periods beginning on or after 1 January 2009. Earlier application is permitted. Subscribers can download it from the IASB's website.

 

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