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October 20, 2011

IASB proposes amendment to IFRS 1

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.

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