The International Accounting Standards Board recently issued a minor amendment to International Financial Reporting Standard (IFRS) 1, First-time Adoption of International Financial Reporting Standards.  The amendment, Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1), relieves first-time adopters of IFRS from providing the additional disclosures about fair value measurements and liquidity risk introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7).  In addition, the amendment to IFRS 1 clarifies the IASB’s conclusions and intended transition for Amendments to IFRS 7.  The effective date of the amendment to IFRS 1 is July 1, 2010, with earlier application permitted.  If an entity applies the amendments for an earlier period, it must disclose that fact.