The International Accounting Standards Board (IASB) recently published for public comment an exposure draft of proposed amendments to eleven International Financial Reporting Standards (IFRSs) under its annual improvements project.
The proposed amendments reflect issues discussed by the IASB in the project cycle that began last year. The proposals range from clarification of the measurement of non controlling interests in IFRS 3 Business Combinations (as revised in 2008) to changes of wording to clarify the meaning of IFRSs and remove unintended inconsistencies. The amendments relate to the following standards / interpretations:
- IFRS 1 First-time Adoption of International Financial Reporting Standards
- IFRS 3 Business Combinations
- IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
- IFRS 7 Financial Instruments: Disclosures
- IAS 1 Presentation of Financial Statements
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
- IAS 27 Consolidated and Separate Financial Statements
- IAS 28 Investments in Associates
- IAS 34 Interim Financial Reporting
- IAS 40 Investment Property
- IFRIC 13 Customer Loyalty Programmes
Unless otherwise specified, the proposed effective date for the amendments is for annual periods beginning on or after 1 January 2011, although entities would be permitted to adopt them earlier. The proposed effective date for the amendments arising from IFRS 3 and the consequential amendments to the transition requirements of IAS 27 Consolidated and Separate Financial Statements (as amended in 2008) is 1 July 2010.
Comments are requested by 24 November 2009 and the IASB press release and exposure draft can be accessed by clicking here.