Appendix B
The amendment in this Appendix shall be applied for annual reporting periods beginning on or after 1 January 2018. If an entity applies this Interpretation for an earlier period this amendment shall be applied for that earlier period.
Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards
Paragraph 39AC is added.
39AC | IFRIC 22 Foreign Currency Transactions and Advance Consideration added paragraph D36 and amended paragraph D1. An entity shall apply that amendment when it applies IFRIC 22. |
In Appendix D, paragraph D1 is amended. A heading and paragraph D36 are added.
D1 | An entity may elect to use one or more of the following exemptions: share-based payment transactions (paragraphs D2 and D3); ... designation of contracts to buy or sell a non-financial item (paragraph D33); revenue (paragraphs D34 and D35); and foreign currency transactions and advance consideration (paragraph D36). |
Foreign Currency Transactions and Advance Consideration
D36 | A first-time adopter need not apply IFRIC 22 Foreign Currency Transactions and Advance Consideration to assets, expenses and income in the scope of that Interpretation initially recognised before the date of transition to IFRS Standards. |