ED 152, ‘Proposed Amendments to IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’.  
 
The Institute of Chartered Accountants in Australia (ICAA) supports the Proposal to amend IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ so that a parent entity is allowed to use a deemed cost to measure its investments in subsidiaries when it first adopts IFRS (AIFRS). We also support the Proposal to provide relief from the need to restate the pre-acquisition accumulated profits of a subsidiary for the purpose of classifying dividends.  
 
To download a copy of the final submission, click  
here