4-12-2009 | EFRAG draft comment letter on IASB ED Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Proposed amendment to IFRS 1)

EFRAG has issued its draft comment letter on the IASB's ED 2009/13 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters. The letter can be downloaded here. Comments are invited on the draft letter by 21 December 2009.
	The ED proposes that a first-time adopter may apply the transition provisions of paragraph 44G of IFRS 7 Financial Instruments: Disclosures to the extent that the entity's first IFRS reporting period starts earlier than 1 January 2010. Paragraph 44G of IFRS 7 provides relief from presenting comparative information in respect of the fair value measurement and liquidity risk disclosures that formed the amendment to IFRS 7 in March 2009. The proposed effective date for the amendment is for annual periods beginning on or after 1 July 2010. Early application will be permitted. EFRAG agrees with the amendment proposed however we have some concerns regarding the effective date.
Document : EFRAGs draft comment letter on the IASBs ED of Amendment to IFRS 1.pdf
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