| Description : |
In March 2009 the IASB amended IFRS 7 'Financial Instruments: Disclosures' to require enhanced disclosures about fair value measurement and liquidity risk. Due to the urgent need for such disclosures the IASB provided relief in paragraph 44G of IFRS 7 that in the first year of application of the amendment an entity need not provide comparative information for the disclosures required by the amendment.
Subsequent to issuance of this amendment to IFRS 7, it became apparent that the relief provided by paragraph 44G would not be available to first time adopters of IFRS. IFRS 1 'First-time Adoption of IFRS' states that the transition provisions in other IFRS do not apply to first-time adopters on transition to IFRS except in certain circumstances.
As a result, the IASB proposes in the ED that a first-time adopter may apply the transition provisions of paragraph 44G of IFRS 7 to the extent
that the entity's first IFRS reporting period starts earlier than 1 January 2010. The proposed effective date for the amendment is for annual periods beginning on or after 1 July 2010. Early application will be permitted. |
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| Working groups : |
EFRAG Technical Expert Group (TEG) - EFRAG Secretariat - |
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| Current Project Status : |
Final Endorsement Advice
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| Input for Status : |
Final Endorsement Advice
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Efrag Output
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
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