Prospective application

Learning objectives

• Explain prospective application and the exemption from comparative disclosures on initial application.L1

Normative references

• IFRS 13Transition: prospective application as of the beginning of the annual period in which the Standard is initially applied.
• IFRS 13 §C3Transition: the disclosure requirements need not be applied in comparative information provided for periods before initial application.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• On first application of IFRS 13, what does the standard provide for the disclosures relating to comparative periods before the first application?L1