IFRS 1 — Additional exemptions for first-time adopters
Background
This project arose from the IASB's consideration of requests from the Canadian Accounting Standards Board (AcSB) and the Canadian oil and gas industry to provide additional exemptions in IFRS 1 First-time Adoption of International Financial Reporting Standards in the following areas:
- Derecognition of financial assets and liabilities - this issue was dealt with later on the IASB's project on IFRS 1 'fixed dates'
- Reassessment of accounting under previous GAAP
- Retrospective restatement of fair values
- Oil and gas industry issue: Full cost accounting
Current status of the project
This project has been completed. The IASB issued Additional Exemptions for First-time Adopters (Amendments to IFRS 1) on 23 July 2009.
Project milestones
| Date | Development | Comments |
|---|---|---|
| March 2008 | Added to the IASB's agenda | |
| 25 September 2008 | Exposure draft Additional Exemptions for First-time Adopters (proposed amendments to IFRS 1) published | Comment deadline 23 January 2009 |
| 23 July 2009 | Additional Exemptions for First-time Adopters (Amendments to IFRS 1) issued | Effective for annual periods beginning on or after 1 January 2010. |
