BC3A Since it was issued in 2003, IFRS 1 has been amended many times to accommodate first‑time adoption requirements resulting from new or amended IFRSs. Because of the way IFRS 1 was structured, those amendments made the IFRS more complex and less clear. As more amendments become necessary, this problem will become worse.

BC3B As part of its improvements project in 2007, therefore, the Board proposed to change the structure of IFRS 1 without amending its substance. Respondents to the exposure draft published in October 2007 supported the restructuring. The revised structure of the IFRS issued in November 2008 is easier for the reader to understand and is better designed to accommodate future changes. The focus of the restructuring was to move to appendices all specific exemptions and exceptions from the requirements of IFRSs. Exemptions are categorised into business combinations, exemptions and short‑term exemptions. Exemptions are applicable to all first‑time adopters regardless of their date of transition to IFRSs. Short‑term exemptions are those exemptions applicable to users for a short time. Once those exemptions have become out of date, they will be deleted.