IASB issues IFRS 1 amendment

2012-03-15 Author: BCAA


 The International Accounting Standards Board (IASB) has issued amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The amendments, dealing with loans received from governments at sub market interest rates, give first-time adopters of IFRSs relief from full retrospective application of IFRSs, when accounting for these loans on transition. This is the same relief as was given to existing preparers of IFRS financial statements.

The amendments are mandatory for annual periods beginning on or after 1 January 2013. Earlier application is allowed.