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.
The amendments are mandatory for annual periods beginning on or after 1 January 2013, but earlier application is permitted.
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