IASB - Limited exemption amendment to IFRS 1

The International Accounting Standards Board (IASB) has issued a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment relieves first-time adopters of IFRS from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). It thereby ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. (Read the IASB Press Release and the Amendments to IFRS 1 project page.)