IASB Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters: Proposed amendment to IFRS 1

The International Accounting Standards Board (IASB) has issued Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters: Proposed amendment to IFRS 1 so as to amend Appendix E of IFRS 1 to include transition provisions for first-time adopters consistent with the transition provisions in paragraph 44G of IFRS 7 Financial Instruments: Disclosures.

Invitation to comments

ASB invites comments on the said Draft. The downloadable version of the draft is available athttp://www.iasb.org/NR/rdonlyres/A63B3B4E-AB71-457A-B910-00CF5F873A33/0/EDAmendmentsIFRS1Nov09.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than December 20, 2009. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.