IAS Plus newsletter on proposed amendments to IFRS 1
13 Oct 2008
Deloitte's IFRS Global Office has published a Special Edition IAS Plus Newsletter – Additional Exemptions Proposed for First-time Adopters (IFRS 1).
The ED was issued 25 September 2008. It proposes:
- to exempt companies from retrospective application of IFRSs for oil and gas assets using the full cost method and for operations subject to rate regulation.
- to exempt companies with existing leasing contracts accounted for in accordance with IFRIC 4 from reassessing the classification of those contracts according to IFRSs when the same classification has previously been made in accordance with national GAAP.