BC58 ED 6 proposed that the IFRS should be effective for annual periods beginning on or after 1 January 2005. The Board decided to change the effective date to 1 January 2006 to allow entities more time to make the transition to the IFRS. It also decided to permit an entity that wishes or is required to adopt IFRSs before 1 January 2006 to adopt IFRS 6 early.