On October 27, 2010, FEI’s Committee on Corporate Reporting (“CCR”) responded to the IASB’s Exposure Draft “Removal of Fixed Dates for First-time Adopters (proposed amendments to IFRS 1).

CCR letter was in support of the removal of certain fixed dates within IFRS 1, First-time Adoption of IFRS (“IFRS 1”).

The letter went on to state “We believe the proposals in the Exposure Draft will help to limit the need for future amendments to IFRS 1 and ensure that the application dates are compatible for all entities regardless of when they adopt IFRS”.  We support the change in date for derecognition from “1 January 2004” to “the date of transition to IFRSs”.