IASB exposure draft on retrospective application

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposals address the retrospective application of IFRS in selected areas 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.)