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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