Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 24/10/2011

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.

Fair value measurement of government loans (2011/34) 

In response to constituent concerns, the IASB has proposed an exception to the retrospective fair value measurement of government loans with below-market rates of interest for first-time adopters.
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ED/2011/5 Government Loans – Proposed amendments to IFRS 1 was issued on 20 October 2011, with comments due by 5 January 2012.

 

Highlights

  • On transition, first-time adopters would not be required to retrospectively measure government loans with below-market rates of interest at fair value.
  • Final amendment would be effective 1 January 2013.
  • Responses due by 5 January 2012.
IFRS Briefing Sheets - International financial reporting updates