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IAS Plus newsletter — Additional exemptions for first-time adopters

Published on: 18 Sep 2009

On 23 July 2009, the International Accounting Standards Board (IASB) issued Additional Exemptions for First-time Adopters (Amendments to IFRS 1).  The amendments result from an Exposure Draft (ED) published for public comment in September 2008.

The ED proposed three new exemptions related to the accounting on first-time adoption for oil and gas assets, assets used in operations subject to rate regulation, and arrangements containing leases. However, the final amendments to IFRS 1 only provide two new exemptions relating to: 1) oil and gas assets and 2) the determination of whether an arrangement contains a lease. The IASB decided not to proceed with the exemption for assets used in operations subject to rate regulation due to pending deliberations on its separate project on rate-regulated activities.


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.