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Due process documents (IASB only)

Date recorded:

Accounting for the sale or contribution of assets between an investor and its associate or joint venture (Proposed amendments to IFRS 10 and IAS 28)

At its September 2012 meeting, the IASB tentatively decided to publish an exposure draft proposing amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. These amendments are intended to clarify the accounting for the sale or contribution of assets between an investor and its associate or joint venture.

At this meeting, the staff explained the steps in the due process the IASB has undertaken before the publication of an exposure draft and asked the IASB to confirm whether it was satisfied that it has complied with all due process requirements to date.

IASB members expressed satisfaction that all due process requirements had been complied with.

The balloting process for the exposure draft is currently underway and the exposure draft is expected to be published in December 2012 with a 120-day comment period.

Acquisition of an interest in a joint operation (Proposed amendments to IFRS 11)

At its September 2012 meeting, the IASB tentatively decided to publish an exposure draft proposing an amendment to IFRS 11 Joint Arrangements and a consequential amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposed amendment is intended to clarify the accounting for acquisitions of interests in joint operations as defined in IFRS 11 in circumstances in which the activity of the joint operation constitutes a business as defined in IFRS 3 Business Combinations.

At this meeting, the staff explained the steps in the due process the IASB has undertaken before the publication of an exposure draft and asked the IASB to confirm whether it was satisfied that it has complied with all due process requirements to date.

One Board member, noting the staff’s analysis that an effects analysis related to the proposed amendment is not necessary given its narrow scope and expected limited consequences, questioned how this conclusion was assessed. The staff noted that it had consulted with national standard setters, securities regulators and constituents from industry sectors expected to be impacted by the proposals in reaching its assessment on the likely effects of the exposure draft.

With no additional debate, IASB members expressed satisfaction that all due process requirements had been complied with.

The balloting process for the exposure draft is currently underway and the exposure draft is expected to be published in December 2012 with a 120-day comment period.

Correction list for hyphenation

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