FRSC Adopts Limited Amendment on Comparative PFRS 7 Disclosures for First-time Adopters of PFRS (06-10)

June 2010


The Financial Reporting Standards Council (FRSC) approved in its meeting in June 2010 the adoption of Amendment to IFRS 1: Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters, issued by the International Accounting Standards Board (IASB), as an Amendment to PFRS 1.

The amendment relieves first-time adopters of IFRSs from providing the additional disclosures introduced in Amendments to IFRS 7: Improving Disclosures about Financial Instruments. It thereby ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers.
Additionally, the amendment to IFRS 1 clarifies the IASB’s conclusions and intended transition for Amendments to IFRS 7.

The effective date of the amendment is July 1, 2010, with earlier application permitted.

The FRSC will submit the amendment to PFRS 1 to the Board of Accountancy for approval.