IASB issues improvements to 20 IFRSs
May 22, 2008
The IASB has published final amendments to 20 IFRSs, and the related Bases for Conclusions and guidance, resulting from the Board's Annual Improvements Project for 2007.
Some amendments, in turn, cause consequential amendments to other IFRSs. The amendments are based on proposals in an Exposure Draft published in October 2007.
The IASB's annual improvements project provides a vehicle for making non-urgent but necessary minor amendments to IFRSs.
The effective date for most amendments is annual periods beginning on or after 1 January 2009. Click for IASB Press Release (PDF 57k).
The improvements are of two broad types:
- Amendments that result in accounting changes in presentation, recognition, or measurement. The topics for these are listed in the table below.
- Terminology or editorial changes that have no or minimal effect on accounting. These affected IFRS 7, IAS 8, IAS 10, IAS 18, IAS 20, IAS 29, IAS 34, IAS 40, and IAS 41.
Improvements of IFRSs for presentation, recognition, or measurement
|IFRS||Topic of amendment|
|IFRS 5 Non-current Assets Held for Sale and Discontinued Operations||
|IAS 1 Presentation of Financial Statements||
|IAS 16 Property, Plant and Equipment||
|IAS 19 Employee Benefits||
|IAS 20 Accounting for Government Grants and Disclosure of Government Assistance||
|IAS 23 Borrowing Costs||
|IAS 27 Consolidated and Separate Financial Statements||
|IAS 28 Investments in Associates||
|IAS 29 Financial Reporting in Hyperinflationary Economies||
|IAS 31 Interests in Joint Ventures||
|IAS 36 Impairment of Assets||
|IAS 38 Intangible Assets||
|IAS 39 Financial Instruments: Recognition and Measurement||
|IAS 40 Investment Property||
|IAS 41 Agriculture||
- IAS 39 — Financial Instruments: Recognition and Measurement
- IAS 40 — Investment Property
- IAS 41 — Agriculture
- 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 10 — Events After the Reporting Period
- IAS 16 — Property, Plant and Equipment
- IAS 18 — Revenue
- IAS 19 — Employee Benefits
- IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance
- IAS 23 — Borrowing Costs
- IAS 27 — Consolidated and Separate Financial Statements (2008)
- IAS 28 — Investments in Associates (2003)
- IAS 29 — Financial Reporting in Hyperinflationary Economies
- IAS 31 — Interests In Joint Ventures
- IAS 34 — Interim Financial Reporting
- IAS 36 — Impairment of Assets
- IAS 38 — Intangible Assets