IAS Plus newsletter — IASB updates Standard on first-time adoption
On 27 November 2008, the International Accounting Standards Board (IASB) issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. The objective of the revision is to improve the structure of the Standard – no new or revised technical material has been introduced.
Following its publication in 2003, IFRS 1 had been amended a number of times, so that the text of the Standard had become increasingly complex. The November 2008 revisions (exposed as part of the 2007 improvements project) are designed to make the Standard clearer and easier to follow by reorganising and moving to appendices most of the Standard’s numerous exceptions and exemptions. The improved structure is also intended to better accommodate future changes to the Standard.
