Appendix
Amendment to IFRS 1
First-time Adoption of International Financial Reporting Standards (as revised in 2008)
A1 | In Appendix D paragraph D1 is amended as follows. ‘D1 An entity may elect to use one or more of the following exemptions: (a) share-based payment transactions (paragraphs D2 and D3); (m) financial assets or intangible assets accounted for in accordance with IFRIC 12 Service Concession Arrangements (paragraph D22); (n) borrowing costs (paragraph D23); and (o) transfers of assets from customers (paragraph D24).’ |
A2 | After paragraph D23 a heading and paragraph D24 are added. ‘Transfers of assets from customers D24 A first-time adopter may apply the transitional provisions set out in paragraph 22 of IFRIC 18 Transfers of Assets from Customers. In that paragraph, reference to the effective date shall be interpreted as 1 July 2009 or the date of transition to IFRSs, whichever is later. In addition, a first-time adopter may designate any date before the date of transition to IFRSs and apply IFRIC 18 to all transfers of assets from customers received on or after that date.’ |