IASB amends the retrospective application of IFRS for first-time adopters

The International Accounting Standards Board (IASB) has issued amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendments address the retrospective application of IFRS to particular situations and are aimed at ensuring that entities applying IFRS will not face undue cost or effort in the transition process. (Read the IASB Press Release or go to the project page.)