BC98 Consistent with the reasoning for accounting for bearer plants as property, plant and equipment (see paragraphs BC63–BC68), the Board decided that the same deemed cost exemptions provided for property, plant and equipment in IFRS 1 First-time Adoption of International Financial Reporting Standards should be available for bearer plants. Virtually all respondents to the ED supported this requirement for first-time adopters of IFRSs. The Board thus confirmed the proposals for first-time adopters. The Board noted that no consequential amendments to IFRS 1 were required because bearer plants are accounted for as items of property, plant and equipment. Consequently, exemptions already provided in IFRS 1 would address first-time application issues related to bearer plants.