BC20 On transition entities are required to apply the amendments only to contracts for which the entity has not fulfilled all its obligations at the date of initial application, without restating comparative amounts. The Board concluded that it may be difficult and costly for an entity to obtain the information needed to restate comparative amounts, and the information provided by doing so was unlikely to be sufficiently useful to justify the costs that the entity might incur.
BC21 The Board decided not to provide entities with an option to restate comparative amounts - that is, not to provide the option of retrospective application, as defined in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors [When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.]. The Board concluded that the benefits of providing that option would be limited,
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