EFRAG: Final comment letter on IASB ED removal of fixed dates for first-time adopters (proposed amendments to IFRS 1)
29 October 2010
EFRAG has issued its final comment letter on the IASB's ED 2010/10 removal of fixed dates for first-time adopters (proposed amendments to IFRS 1). EFRAG agrees with the proposals and the rationale stated in the Exposure Draft.
EFRAG supports the proposed changes to IFRS 1 First-time Adoption of International Financial Reporting Standard (‘IFRS 1’). Specifically, EFRAG:
(a) agrees that the fixed dates in IFRS 1 should be changed to the ‘date of transition to IFRS’ so that the exception is meaningful to entities that are planning to adopt IFRS in the future; and
(b) supports the rationale for amendment on the basis that the benefits would likely exceed the costs involved.
© EFRAG - European Financial Reporting Advisory Group
