IASB amends IFRS 1

  • IASB (International Accounting Standards Board) (blue) Image

23 Jul 2009

On 23 July 2009, the IASB amended IFRS to (1) exempt entities using the full cost method from retrospective application of IFRSs for oil and gas assets and (2) exempt entities with existing leasing contracts from reassessing the classification of those contracts in accordance with IFRIC 4 Determining whether an Arrangement contains a Lease when the application of their national accounting requirements produced the same result.

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