Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 27/08/2010

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

IFRS Briefing Sheet 206: Removal of Fixed Dates: First-time Adopters 

This IFRS Briefing Sheet summarises the IASB's Exposure Draft ED/2010/10 Removal of Fixed Dates for First-time Adopters – Proposed amendments to IFRS 1. IFRS 1 First-time Adoption of International Financial Reporting Standards contains two references to a fixed date of 1 January 2004. The IASB proposes to amend IFRS 1 to instead refer to 'the date of transition to IFRSs'.

This means that first-time adopters would no longer be required to:

  • restate financial instrument derecognition transactions that occurred before the date of transition to IFRSs; or
  • calculate 'day one' gains or losses on the initial recognition of financial instruments when the transaction occurred before the date of transition to IFRSs. The guidance on determining the fair values of financial assets and financial liabilities at initial recognition would apply to transactions only after the date of transition.

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IFRS Briefing Sheets - International financial reporting updates