Exposure draft – amendments to the retrospective application of IFRSs for first time adopters
The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to IFRS 1 First-time adoption of International Financial Reporting Standards. It is acknowledged that retrospective application of IFRSs in some selected areas and instances will lead to undue cost or effort for the reporting entity. Hence, the proposal to address this issue is exposed for comment. The exposure draft Additional exemptions for first-time adopters (proposed amendments to IFRS 1)is open for public comment until 23 January 2009. The exposure draft is now available on www.iasb.org via the ‘Open for Comment’ section.
It is expected that the Australian Accounting Standards Board (AASB) will issue this exposure draft to gather the views of the Australian constituents. For further details and updates, please visit the AASB’s website.