• Details
    • Service: Audit, Financial Statement Audit, IFRS
    Type: Regulatory update
    Date: 2010/08/26

    Technical Accounting Advisory Services

    Growing numbers of countries are adopting International Financial Reporting Standards (IFRS). The benefits of the new standards include enhanced comparability and improved transparency of financial reporting.
    South Africa - Issues and insights - Articles and publications - IFRS Publications

    IFRS Briefing Sheet: Issue 206 - Exposure Draft ED/2010/10 Removal of Fixed Dates for First-time Adopters – Proposed amendments to IFRS 1 First-time Adoption of IFRSs 

    This 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 IFRS".
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    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 IFRS
    • calculate "day one" gains or losses on the initial recognition of financial instruments when the transaction occurred before the date of transition to IFRS. 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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