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AuditIAS for our clients and staff throughout the worldMay 2008 Special editionIAS plus websiteOver million people have visited our site. Ourgoal is to be the most comprehensivesource of news about internationalfinancial reporting on the check in global IFRS leadership teamIFRS global officeGlobal IFRS leaderKen centres of excellenceAmericasD. J. KongStephen Peter investments in subsidiaries, jointlycontrolled entities and associates on first-timeadoptionOn 22 May 2008, the International Accounting Standards Board (IASB) publishedamendments to IFRS 1 First-time Adoption of International Financial ReportingStandardsand IAS 27 Consolidated and Separate Financial Statementsdealing with the measurement of the cost of investments in subsidiaries, jointly controlled entities andassociates when adopting International Financial Reporting Standards (IFRSs) for the firsttime. The Board has made these amendments because of concerns that retrospectivelydetermining cost and applying the cost method in accordance with IAS 27 could not, insome circumstances, be achieved without undue cost or effort for first-time amendments to IFRS 1 and IAS 27 are effective for annual periods beginning on or after1 January 2009, with earlier application permitted (see page 3).
Audit IAS Plus. Published for our clients and staff throughout the world May 2008 – Special edition IAS Plus website Over 6.2 million people have visited
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