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Commission Regulation (EU) No 1205/2011Show full title

Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (Text with EEA relevance)

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AMENDMENT TO IFRS 1 First-time Adoption of International Financial Reporting Standards

Paragraph 39F is added.

EFFECTIVE DATE

39F Disclosures—Transfers of Financial Assets (Amendments to IFRS 7), issued in October 2010, added paragraph E4. An entity shall apply that amendment for annual periods beginning on or after 1 July 2011. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.

Appendix E Short-term exemptions from IFRSs

Paragraph E4 and a footnote are added.

Disclosures about financial instruments
E4A first-time adopter may apply the transitional provisions in paragraph 44M of IFRS 7(1).
(1)

Paragraph E4 was added as a consequence of Disclosures—Transfers of Financial Assets (Amendments to IFRS 7) issued in October 2010. To avoid the potential use of hindsight and to ensure that firsttime adopters are not disadvantaged as compared with current IFRS preparers, the Board decided that first-time adopters should be permitted to use the same transition provisions permitted for existing preparers of financial statements prepared in accordance with IFRSs that are included in Disclosures—Transfers of Financial Assets (Amendments to IFRS 7).

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