IFRIC Interpretation 1: Changes in existing decommissioning, restoration and similar liabilities

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in May 2004. | IFRIC 1 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities This version includes amendments resulting from IFRSs issued up to 31 December 2008. IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in May 2004. IFRIC 1 and its accompanying documents have been amended by the following IFRSs: • IAS 23 Borrowing Costs (as revised in March 2007)* • IAS 1 Presentation of Financial Statements (as revised in September 2007).* * effective date 1 January 2009 © IASCF 2389 IFRIC 1 CONTENTS paragraphs IFRIC INTERPRETATION 1 CHANGES IN EXISTING DECOMMISSIONING, RESTORATION AND SIMILAR LIABILITIES REFERENCES BACKGROUND 1 SCOPE 2 ISSUE 3 CONSENSUS 4–8 EFFECTIVE DATE 9–9A TRANSITION 10 APPENDIX Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards ILLUSTRATIVE EXAMPLES Common facts IE1 Example 1: Cost model IE2–IE5 Example 2: Revaluation model IE6–IE12 Example 3: Transition IE13–IE18 BASIS FOR CONCLUSIONS 2390 © IASCF IFRIC 1 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (IFRIC 1) is set out in paragraphs 1–10 and the Appendix. IFRIC 1 is accompanied by Illustrative Examples and a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards. © IASCF 2391 IFRIC 1 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities References • IAS 1 Presentation of Financial Statements (as revised in 2007) • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors • IAS 16 Property, Plant and Equipment (as revised in 2003) • IAS 23 Borrowing Costs • IAS 36 Impairment of Assets (as revised in .