Global Standards for the world economy

Wednesday 18 September 2019

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Amendments to IFRS 1

Exposure draft Removal of Fixed Dates [Aug 2010]

 Exposure draft and comment letters


On 26 August 2010 the IASB published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004’ with ‘the date of transition to IFRSs’. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs. In addition, first-time adopters would also not have to recalculate ‘day 1’ differences on initial recognition of financial instruments, where the transaction occurred before the date of transition to IFRSs.

Comment letter deadline

The comment letter deadline was 27 October 2010.

View the comment letters.


Due process documents
Exposure Draft: Removal of Fixed Dates for First-time Adopters (Proposed amendments to IFRS 1) [PDF 105 KB]
Exposé-sondage: Suppression des dates d’application fermes pour les nouveaux adoptants (Projet de modification d’IFRS 1) [French] [PDF 86KB]

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