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21 December 2010

IASB: narrow amendments to IFRS 1


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Der IASB hat zwei geringfügige Änderungen zu den IFRS 1 - Erstmalige Anwendung der International Financial Reporting Standards vorgenommen. Die Änderungen entsprechen den Vorschlägen, die als separate Entwürfe im August und September zur Konsultation vorgelegt wurden.


The first amendment replaces references to a fixed date of ‘1 January 2004’ with ‘the date of transition to IFRSs’, thus eliminating the need for companies adopting IFRSs for the first time to restate derecognition transactions that occurred before the date of transition to IFRSs.

The second amendment provides guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
The amendments to IFRS 1 are set out in Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters and are effective from 1 July 2011. Earlier application is permitted.

Press release


© IASB - International Accounting Standards Board

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