This update was first published in the January 2012 International edition of Accounting and Business magazine.
The IASB has issued for comment a proposed amendment to IFRS 1, First-time Adoption of International Financial Reporting Standards, dealing with how a first-time adopter would account for a government loan with a below-market rate interest rate.
The amendment would provide the same relief as is granted to existing IFRS preparers when applying IAS 20, Accounting for Government Grants and Disclosure of Government Assistance.
Yvonne Lang, director, and Kern Roberts. associate director, Smith & Williamson