BC269 The amendments made in 2011 are to be applied retrospectively in accordance with the general requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, [When it issued IFRS 18, the IASB changed the title of IAS 8.] with two exceptions:

(a) The carrying amount of assets outside the scope of IAS 19 need not be adjusted for changes in employee benefit costs that were included in the carrying amount before the beginning of the financial year in which the amendments are first applied. Thus entities may recognise previously unrecognised actuarial gains and losses and past service cost by adjusting equity, instead of by allocating part of those adjustments against the carrying amount of assets such as inventories. In the Board's view, such an allocation could have been costly and would have provided little or no benefit to users.

(b) In financial statements for periods beginning before 1 January 2014, an entity need not provide comparatives for the disclosures about the sensitivity of the defined benefit obligation. The Board provided this exemption to provide sufficient lead time for entities to implement the necessary systems.