IFRS 1 amendment Limited Exemption from Comparative IFRS 7 Disclosure for First time Adopters
- Published in the Official Journal
- Didier Andries
Subsequent to issuance of this amendment to IFRS 7, it became apparent that the relief provided by paragraph 44G would not be available to first time adopters of IFRS. IFRS 1 'First-time Adoption of IFRS' states that the transition provisions in other IFRS do not apply to first-time adopters on transition to IFRS except in certain circumstances.
As a result, the IASB proposes in the ED that a first-time adopter may apply the transition provisions of paragraph 44G of IFRS 7 to the extent that the entity's first IFRS reporting period starts earlier than 1 January 2010.
In December 2009 EFRAG issued its Final Cooment Letter to the ED. EFRAG agreed with the proposed amendement but had some comments to the effective date.
The IASB issued the Amendment to IFRS 1 First-time Adopters of International Financial Reporting Standards in January 2010. EFRAG submitted its Endorsement Advice Letter and Effects Study Report to the European Commission in February 2010. The Amendement had been endosed and published in the Official Journal on 1 July 2010.