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 are generally supportive of the proposed amendments in the ED. We agree with the Board that there are potential challenges for jurisdictions adopting IFRS in the near future which might be alleviated by the proposed exemptions. In particular, we agree that the proposed exemptions should help to limit undue cost and difficulty for certain first time adopters.
All of our past letters of comment are Here.
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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. |
