EFRAG recommends endorsement of the revision of IFRS 1. The restructured IFRS 1 changes the order of the content of the standard to more easily accommodate future amendments that might become necessary.
EFRAG submitted its endorsement advice regarding the revision to IFRS 1 'First-time Adoption of International Financial Reporting Standards'. EFRAG recommends that the revision to IFRS 1 should be endorsed.
The restructured IFRS 1 does not contain any technical changes to IFRS; rather it changes the order of the content of the standard to more easily accommodate future amendments that might become necessary. The Restructured IFRS 1 also removes from the standard outdated transition guidance and some minor wording changes. The Restructured IFRS 1 will apply for entities transitioning to IFRS for the first time for annual periods beginning on or after 1 July 2009.
The Effects Study Report can be downloaded here
© EFRAG - European Financial Reporting Advisory Group
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