EFRAG is consulting both on its assessment of the interpretation against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from its application in the EU.
The Amendment to IFRS 1: Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters provides relief to first-time adopters of IFRS from providing the additional disclosures introduced in March 2009 by Improving Disclosures about financial Instruments (Amendments to IFRS 7). It ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current preparers of IFRS. The effective date of the Amendment is 1 July 2010, with early application permitted.
EFRAG has issued an Invitation to Comment relating to the endorsement, for use in the EU, of Amendment to IFRS 1. EFRAG is consulting both on its assessment of the Interpretation against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of the Amendment in the EU.
Deadline for comments 18 February 2010
© EFRAG - European Financial Reporting Advisory Group
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