Easing the transition: New exemptions under IFRS 1 for full cost companies

In July 2009, the IASB issued Additional Exemptions for First-time Adopters—Amendments to IFRS 1 (the “Amendments”), which provides specific guidance to companies transitioning to IFRS for the first time. For oil and gas companies that currently apply the full cost method of accounting the new guidance helps to ease the potential transition to IFRS.

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