IFRS 1 First-time Adoption of International Financial Reporting Standards In April 2001 the International Accounting Standards Board (the Board) adopted SIC-8 First-time Application of IASs as the Primary Basis of Accounting , which had been issued by the Standing Interpretations Committee of the International Accounting Standards Committee in July 1998. In June 2003 the Board issued IFRS 1 First-time Adoption of International Financial Reporting Standards to replace SIC-8. IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout IFRS, including IFRS 1. The Board restructured IFRS 1 in November 2008. In December 2010 the Board amended IFRS 1 to reflect that a first-time adopter would restate past transactions from the date of transition to IFRS instead of at 1 January 2004. Since it was issued in 2003, IFRS 1 was amended to accommodate first-time adoption requirements resulting from new or amended Standards. IFRS 1 was amended by Government Loans (issued March 2012), which added an exception to the retrospective application of IFRS to require that first time adopters apply the requirements in IFRS 9 Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans existing at the date of transition to IFRS. Other Standards have made minor amendments to IFRS 1. They include Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendments to IFRS 1) (issued January 2010), Improvements to IFRSs (issued May 2010), Disclosures—Transfers of Financial Assets (Amendments to IFRS 7) (issued October 2010), Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1) (issued December 2010), IFRS 10 Consolidated Financial Statements (issued May 2011), IFRS 11 Joint Arrangements (issued May 2011), IFRS 13 Fair Value Measurement (issued May 2011), IAS 19 Employee Benefits (issued June 2011), Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) (issued June 2011), IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (issued October 2011), Annual Improvements to IFRSs 2009–2011 Cycle (issued May 2012), Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) (issued June 2012), Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (issued October 2012), IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013), IFRS 14 Regulatory Deferral Accounts (issued January 2014), Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11) (issued May 2014), IFRS 15 Revenue from Contracts with Customers (issued May 2014), IFRS 9 Financial Instruments (issued July 2014), Equity Method in Separate Financial Statements (Amendments to IAS 27) (issued August 2014), Annual Improvements to IFRSs 2012–2014 Cycle (issued September 2014), IFRS 16 Leases (issued January 2016), Annual Improvements to IFRS ® Standards 2014–2016 Cycle (issued December 2016) and IFRIC ® Interpretation 22 Foreign
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