The International Accounting Standards Board
(IASB) has proposed an amendment to IFRS 1 First-time Adoption
of IFRS.

The amendment explains how a first time
adopter of IFRS would account for a government loan with a
below-market rate of interest when they make the transition to
IFRS.

The IASB said if the amendment is adopted it
will provide the same relief to first-time adopters as is granted
to existing preparers of IFRS financial statements when applying
IAS 20 Accounting for Government Grants and Disclosure of
Government Assistance.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData