May 2012
Intermediate to advanced
846 pages
27h 56m
English
Content preview from The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting
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2.2 IFRS 1 AMENDMENTS AND EFFECTIVE DATES
2.2.1 History of IFRS 1
Entities that want to migrate to IFRSs as a comprehensive basis of accounting must follow IFRS 1, First-time Adoption of International Financial Reporting Standards. Over time, IFRS 1 has had several amendments and interpretations. Exhibit 2-1 lists those together with the respective effective dates and the enforcement dates in the European Union.
Exhibit 2-1 History of IFRS 1, First-Time Adoption of International Financial Reporting Standards
2.2.2 Restructured IFRS 1
The current revision of IFRS 1, effective for financial years beginning on or after July 1, 2009, with earlier application permitted, is the so-called “restructured IFRS 1”. In essence, this is a restyled version intended to make the standard more readable and comprehensible, in consideration of the fact that the standard is open to frequent amendments.1
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