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IAS Plus newsletter — Additional exemptions proposed for first-time adopters (IFRS 1)

Published on: 12 Oct 2008

In September 2008, the International Accounting Standards Board (IASB) published for public comment an Exposure Draft (ED) of proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRSs).

The additional exemptions proposed in the ED deal with oil and gas assets, assets used in operations subject to rate regulation, and arrangements containing leases. These are areas of particular interest in some jurisdictions (notably Canada) that are planning to adopt IFRSs in the near future.

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