|The International Accounting Standards Board has issued this Exposure Draft on Severe Hyperinflation a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment proposes guidance on how an entity should resume presenting financial statements in accordance with International Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
|Invitation to comments
|ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.ifrs.org/NR/rdonlyres/3E73194B-86E7-4C07-BB4C-6351FD366EAD/0/EDAmendmentsIFRS1Sept2010.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 November 26, 2010. Comments can also be sent by e-mail at email@example.com or firstname.lastname@example.org.