(2)On 13 March 2012, the International Accounting Standards Board published amendments to International Financial Reporting Standard (IFRS) 1 First-time Adoption of International Financial Reporting Standards – Government Loans (the amendments to IFRS 1). The amendments to IFRS 1 deal with loans received from governments at a below market rate of interest and their objective is to give first-time adopters of IFRSs relief from full retrospective application on transition to IFRSs. Thus, the amendments to IFRS 1 add an exception to the retrospective application of IFRSs to require that first-time adopters apply the requirements set out in International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans existing at the date of transition to IFRSs.