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Wednesday 18 September 2019

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Press Releases


IASB proposes amendments to IFRS 1

26 August 2010


The International Accounting Standards Board (IASB) today 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.

The exposure draft, Removal of Fixed Dates for First-time Adopters, is open for comment until 27 October 2010 and can be accessed via the ‘Comment on a Proposal’section of

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  • Mark Byatt, Director of Corporate Communications, IASB
    Telephone: +44 (0)20 7246 6472
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    Telephone: +44 (0)20 7246 6914