We comment on proposed amendments to IFRS 1
24 Jan 2009
Deloitte has submitted a Letter of Comment on the IASB's exposure draft of Additional Exemptions for First Time Adopters – Proposed amendments to IFRS 1.
We do, however, believe that the amendments relating to oil and gas and rate-regulated entities could be improved. In particular, we would encourage the Board to consider providing more reasoning in the Basis for Conclusions to the Standard to explain what factors were considered to be important in deciding to issue an exemption that allows only certain entities to utilise previous cost amounts as deemed cost on the date of transition, but not others. |