This exposure draft proposes to amend IFRS 1 First-time Adoption of International Financial Reporting Standards to address potential challenges for jurisdictions adopting IFRSs in the near future.  The original standard was primarily aimed at European adoption of IFRS in 2005. The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004' with ‘the date of transition to IFRSs'.

As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs. In addition, first-time adopters would also not have to recalculate ‘day 1' differences on initial recognition of financial instruments, where the transaction occurred before the date of transition to IFRSs.

The exposure draft, Removal of Fixed Dates for First-time Adopters, is open for comment until 27 October 2010 and can be found here:

http://www.ifrs.org/Current+Projects/IASB+Projects/Additional+Exemptions+for+First-time+Adopters+-+Amendments+to+IFRS+1/SevereHyper0910/SevereHyper.htm