The International Accounting Standards Board (IASB) has issued
amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards.
The amendments cover the issue surrounding
loans received from governments at a below market rate of interest
to give first-time adopters of IFRSs relief from full retrospective
application of the international standards when accounting for
these loans on transition.
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The amendments are mandatory for annual
periods beginning on or after 1 January 2013, but earlier
application is permitted.
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By GlobalData
