Responses to IASB Documents for Comment

IFRS 1 First-time Adoption of International Financial Reporting Standards

Exposure Draft – Government Loans (Proposed amendments to IFRS 1) – October 2011

On December 20, 2011 the AcSB submitted a comment letter responding to the IASB's Exposure Draft issued in October 2011. The letter supports the proposed amendment allowing first-time adopters to prospectively apply paragraph 10A of IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. This will prevent the use of hindsight for loans where a fair value would need to be determined prior to the date of transition. The AcSB letter posted by the IASB is available here.

Exposure Draft – Severe Hyperinflaction (Proposed amendments to IFRS 1) – September 2010

On November 29, 2010, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft. The letter supports the IASB’s proposal, except that the letter raises concerns regarding the clarity of the language in the proposed amendment. The AcSB letter posted by the IASB is available here.

Exposure Draft – Removal of Fixed Dates for First-time Adopters (Proposed amendments to IFRS 1) – August 2010

On October 27, 2010, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft. The letter supports the IASB’s proposal and encourages the IASB to finalize the proposed amendments promptly. The AcSB letter posted by the IASB is available here.