The International Accounting Standards Board
(IASB) has issued two narrow amendments to IFRS 1 and changes to
IAS 12 Income taxes.
The IFRS 1 first amendment replaces references
the fixed date of 1 January 2004 with a date of transition,
eliminating the need for companies adopting IFRSs for the first
time to restate derecognition transactions that occurred before the
date of transition.
The second IFRS 1 amendment provides guidance
on how an entity should resume presenting financial statements in
accordance with IFRSs after the period of being unable to comply
with IFRSs due to functional currency being subject to severe
hyperinflation.
Changes to IFRS 1 come into effect on 1 July 2011.
The amendments to IAS 12 address the issue of
measuring the deferred tax relating to an asset depending on
whether the entity expects to recover the carrying amount of the
asset through use or sale.
All changes follow a consultation period and
exposure draft issued in August and September.
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