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IAS Plus newsletter — Measuring investments in subsidiaries, jointly controlled entities and associates on first-time adoption

Published on: 21 May 2008

On 22 May 2008, the International Accounting Standards Board (IASB) published amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IAS 27 Consolidated and Separate Financial Statements dealing with the measurement of the cost of investments in subsidiaries, jointly controlled entities and associates when adopting International Financial Reporting Standards (IFRSs) for the first time.

The Board has made these amendments because of concerns that retrospectively determining cost and applying the cost method in accordance with IAS 27 could not, in some circumstances, be achieved without undue cost or effort for first-time adopters.

The amendments to IFRS 1 and IAS 27 are effective for annual periods beginning on or after 1 January 2009, with earlier application permitted.

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