Newsletter on removal of fixed dates for first-time adopters

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03 Sep 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Removal of Fixed Dates for First-time Adopters.

This newsletter describes the recent IASB proposal to amend IFRS 1 First-time Adoption of International Financial Reporting Standards. The ED proposes to provide relief to first-time adopters of IFRSs by amending IFRS 1 as follows:
  • it amends the date of prospective application of the derecognition of financial assets and liabilities from '1 January 2004' to 'the date of transition to IFRSs' so that first-time adopters of IFRSs do not have to apply the derecognition requirements in IAS 39 retrospectively; and
  • it amends the date of prospective application of the requirement to fair value financial assets and liabilities to transactions entered into 'on or after the date of transition to IFRSs', which would relieve first-time adopters from recalculating 'day 1' differences on initial recognition for those transactions occurring before the date of transition to IFRSs.
The ED comment period ends on 27 October 2010.

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