IASB Exposure Draft on Severe Hyperinflation (proposed amendment to IFRS 1) (Comments to be received by November 26, 2010) – (19-11-2010)

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.

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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 asb@icai.org or edcommentsasb@icai.org.

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