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Final stage
On 20 December 2010, the International Accounting Standards Board issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1). The amendments have an effective date of 1 July 2011.
The amendment replaces references to a fixed date of 1 January 2004 with the date of transition to IFRSs, thus eliminating the need for companies adopting IFRSs for the first time to restate derecognition transactions that occurred before the date of transition to IFRSs.
