The International Accounting Standards Board
(IASB) is seeking public feedback on proposed amendments to IFRS
1.

The proposal amends IFRS 1 – First-time
Adoption of International Financial Reporting Standards by
replacing the transition date of 1 January 2004 with ‘the date of
transition to IFRSs’.

Entities adopting IFRSs for the first time
would not have to restate derecognition transactions or recalculate
‘day 1’ differences on initial recognition of financial instruments
that occurred before the date of transition to IFRS.

The exposure draft, Removal of Fixed Date for
First-time Adopters, is open for comment until 27 October.

 

Guidance on surface
mining

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The IFRS Interpretations Committee is also
seeking public comment on the proposed guidance on surface
mining.

The proposed guidance is on the accounting for
stripping costs in the production phase of a surface mine.

The committee has suggested that costs
associated with stripping – the process of removing waste from a
surface mine in order to gain access to mineral ore deposit –
should be accounted for as an additional component of an existing
asset.

DI/2010/1 Stripping Costs in the Production
Phase of a Surface Mine is open for comment until 30 November
and is accessible via the IFRS website.