Australia

Details

  • Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 20/03/2012

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.

Government loans: Amendments to IFRS 1 (2012/03) 

This edition of In the Headlines summarises the recent amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards relating to government loans.
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Key points

  • Additional relief for first-time adopters
  • No use of hindsight
  • Guidance on prospective application
  • No impact on presentation

 

The amendments will be effective for annual periods beginning on or after 1 January 2013; earlier application is permitted.

IFRS Briefing Sheets - International financial reporting updates