IASB issues a revised version of IFRS 1

The International Accounting Standards Board (IASB) has issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. In 2007, the IASB proposed, as part of the annual improvements project, to restructure IFRS 1 to make it easier for the reader to understand and to allow it to accommodate more easily any future changes that might be necessary. The revised version is effective for entities applying IFRS for the first time for annual periods beginning on or after January 1, 2009. Earlier application is permitted. (Read the IASB Press Release.)