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IASB publishes proposals for amendments under its annual improvements project

03 May 2012

The International Accounting Standards Board (IASB) has published to its website an exposure draft (ED) of proposed amendments to eleven International Financial Reporting Standards (IFRSs) under its annual improvements project.

The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

The ED proposes the following amendments:

IFRSSubject of amendment
IFRS 2 Share-based Payment To clarify the definition of 'vesting conditions'
IFRS 3 Business Combinations
(Consequential amendments proposed to IFRS 9)
Accounting for contingent consideration in a business combination
IFRS 8 Operating Segments

Aggregation of operating segments

Reconciliation of the total of the reportable segments' assets to the entity's assets

IFRS 13 Fair Value Measurement
Short-term receivables and payables
IAS 1 Presentation of Financial Statements Current/non-current classification of liabilities
IAS 7 Statement of Cash Flows Interest paid that is capitalised
IAS 12 Income Taxes Recognition of deferred tax assets for unrealised losses
IAS 16 Property, Plan and Equipment and IAS 38 Intangible Assets Revaluation method—proportionate restatement of accumulated depreciation
IAS 24 Related Party Disclosures Key management personnel
IAS 36 Impairment of Assets Harmonisation of disclosures for value in use and fair value less costs of disposal

The ED proposes that all of the amendments will be effective for annual periods beginning on or after 1 January 2014, except for amendments to IFRS 3 and the proposed consequential amendments to IFRS 9, which will be effective for annual periods beginning on or after 1 January 2015. Entities are permitted to early adopt all the proposed amendments. Click for IASB Press Release (link to IASB website).

You can access the ED via the the 'Comment on a proposal' page on the IASB's website. The IASB requests comments on the ED by 5 September 2012.

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