{"id":538,"date":"2025-06-27T12:29:00","date_gmt":"2025-06-27T12:29:00","guid":{"rendered":"https:\/\/www.taxpartnersuk.com\/blog\/?p=538"},"modified":"2025-06-27T12:29:00","modified_gmt":"2025-06-27T12:29:00","slug":"amendments-to-ifrs-1","status":"publish","type":"post","link":"https:\/\/www.taxpartnersuk.com\/blog\/amendments-to-ifrs-1\/","title":{"rendered":"Amendments to IFRS 1"},"content":{"rendered":"<p>International Accounting Standards Board has issued an Exposure Draft proposing amendments to IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. The amendments provide guidance on how in accordance with IFRSs an entity should resume presenting financial statements after a period when it was unable to comply with IFRSs because it had a functional currency that was subject to severe hyperinflation.<\/p>\n<p>A currency is defined in the draft to be subject to severe hyperinflation if<\/p>\n<p>(a)  a reliable general price index is not available to all entities with transactions and  balances in the currency, and<br \/>\n(b)  the exchangeability between the currency and a relatively stable foreign currency does not exist<\/p>\n<p>The proposal means that an entity that has been subject to severe hyperinflation may elect to measure assets and liabilities at fair value and use that fair value as the deemed cost in its opening IFRS statement of financial position. The proposal is open for public comments till 30 November 2010.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Accounting Standards Board has issued an Exposure Draft proposing amendments to IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. The amendments provide guidance on how in accordance with IFRSs an entity should resume presenting financial statements after a period when it was unable to comply with IFRSs because it had a functional currency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[],"class_list":["post-538","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amendments to IFRS 1 - Beyond Compliance: Technical &amp; Advisory Insights<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.taxpartnersuk.com\/blog\/amendments-to-ifrs-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendments to IFRS 1 - Beyond Compliance: Technical &amp; Advisory Insights\" \/>\n<meta property=\"og:description\" content=\"International Accounting Standards Board has issued an Exposure Draft proposing amendments to IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. 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