IASB Publishes Proposals for Amendments to 11 IFRSs
The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to 11 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.
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.
The exposure draft can be accessed via the project website or on the ‘Open to Comment’ section on the IASB website. The IASB requests comments on the exposure draft by 24 November 2009.