IASB puts forward IFRS 1 changes
The International Accounting Standards Board (IASB) has put forward new proposals relating to organisations adopting IFRS for the first time.
The proposed amendments to First time Adoption of International Financial Reporting Standards would see references to a fixed transition date of 1 January 2004 replaced with ‘the date of transition of IFRSs’. This means that entities adopting the standard for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs.
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