Deloitte comment letter on tentative agenda decision on IFRS 1 — Subsidiary as a first-time adopter

Published on: 23 May 2017

We have commented on the IFRS Interpretations Committee's publication in the March 2017 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification of the amount of cumulative translation differences to be recognised by a subsidiary that becomes a first-time adopter later than its parent.

We agree with the IFRS Interpretations Committee's decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision. However, we recommend that the Board consider whether a narrow scope amendment to that standard extending the exemption in paragraph D16 to the calculation of cumulative translation differences at a subsidiary’s date of transition to IFRSs would be appropriate.

Download the full comment letter below.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.