Effective dates and transition
The Board discussed the publication of the request for views as a separate consultation document on effective dates and transition of the forthcoming IFRSs related to the convergence efforts. The aim of this consultation is to better understand efforts involved in implementation of new IFRSs as a group. The views obtained from the consultation will be channelled into deliberations of the individual projects.
The Board in general agreed to publish this document, which was published later in the day with the comment period ending on 31 January 2011 (see our 19 October 2010 news story).
Nonetheless, in the discussion some Board members expressed some concerns over certain parts of the proposal. One Board member suggested underlining the objective to have the same transition requirements and effective dates by both IASB and FASB. He acknowledged that this could not be achieved in all cases, but he stressed that it should be the objective. The Board agreed.
The Board also agreed to clarify that the views are requested on the assumption that all the final Standards of the projects mentioned are finalised by June 30 2011.
Finally, another Board member noted that in his view the drafting reflects only the concerns expressed by preparers rather than users. He suggested including a question related to the need of continuity of accounting data for users (investors). The Board agreed.
Based on these changes the Board authorised publication of the request of views with the comment period ending on 31 January 2011.