The International Accounting Standards Board (IASB) has asked for comment on its proposals for transition to International Financial Reporting Standards (IFRSs) from another basis of accounting. The proposals are set out in exposure draft ED 1 First-time Application of International Financial Reporting Standards. Comments are invited by 31 October 2002. The aim is to ensure that all entities adopting IFRSs for the first time present comparative information in their financial statements that is as close as possible to the information provided by existing users, but within cost/benefit constraints. The proposals therefore include targeted and specific exemptions, notably where retrospective application is likely to cause undue cost or effort. The proposals would require an entity to comply with every IFRS current in the first year when it first adopts IFRSs. They would also require first-time preparers of financial statements under IFRSs to disclose how the transition to international standards affected the entity’s reported financial position, financial performance and cash flows.
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