Amendments to IFRS 1
The objective of this project is to amend IFRS 1 First-time Adoption of International Financial Reporting Standards to address potential challenges for jurisdictions adopting IFRSs in the near future.
There have been two separate amendments to IFRS 1 considered by the Board;
- Additional Exemptions for First-time Adopters: Amendments to IFRS 1
- Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (proposed amendment to IFRS 1)
Additional Exemptions for First-time Adopters: Amendments to IFRS 1
The IASB has completed its work on this amendment, and on 23 July 2009 it issued Additional Exemptions for First-time Adopters (Amendments to IFRS 1).
Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (proposed amendment to IFRS 1)
The IASB has completed its work on this amendment, and on 28 January 2010 it issued Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1).
Is this project part of the Memorandum of Understanding?
No. The MoU sets out a Roadmap of Convergence between IFRSs and US GAAP 2006 - 2008.
Due process steps completed
Stage 1: Setting the agenda
No proposed amendments to IFRS 1 are on the agenda at this time.
Stage 2: Project Planning
There is no active project planning on proposed amendments to IFRS 1 at this time.
Stage 3: Development and publication of a discussion paper
There are no discussion papers planned at this time.
Stage 4: Development and publication of an Exposure Draft
There are no exposure drafts planned at this time.
Related projects
Proposed amendments to IFRS 1 were included in the Improvements to IFRSs exposure draft published in August 2009 as part of the Annual Improvements project. See Annual Improvements.