The National Accounting Standards Board (NASB) has prepared a draft comment letter on the IASB Exposure Draft of Proposed Amendments to IFRS 1 First-Time Adoption of International Financial Reporting Standards «Cost of an Investment in a Subsidiary». The National Accounting Standards Board (NASB) has prepared a draft comment letter on the IASB Exposure Draft of Proposed Amendments to IFRS 1 First-Time Adoption of International Financial Reporting Standards «Cost of an Investment in a Subsidiary». This Exposure Draft proposes 2 matters for comments: 1) To allow a parent, at its date of transition to IFRSs, to use a deemed cost for an investment in a subsidiary. The deemed cost would be determined using either the carrying amount of the net assets of the subsidiary, or its fair value, at that date. 2) To simplify approach to determining the pre-acquisition accumulated profits of a subsidiary for the purpose of the cost method in IAS 27. The NASB invites experts to express their views. Please send your comments before April 12, 2007 to This email address is being protected from spambots. You need JavaScript enabled to view it. or post them at the forum of the NOFA foundation website.