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IASB proposes amendments to first-time adoption

  • IASB Exposure Draft (original) Image

25 Sep 2008

The IASB has issued an exposure draft of proposed amendments to IFRS 1 'First-time Adoption of International Financial Reporting Standards'.

The amendments would provide two additional exemptions from retrospective restatement for first-time adopters of IFRSs. The proposals are aimed at ensuring that entities applying IFRSs will not face undue cost or effort in the transition process. The exposure draft 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 Determining whether an Arrangement contains a Lease from reassessing the classification of those contracts according to IFRSs when the same classification has previously been made in accordance with national GAAP.
The exposure draft Additional Exemptions for First-time Adopters (proposed amendments to IFRS 1) may be downloaded without charge from the IASB's Website. Comment deadline is 23 January 2009. Click for Press Release (PDF 48k).

 

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