IASB ends 2012 with a flurry of pronouncements
12 Dec 2012
In the lead up to the end of 2012, the International Accounting Standards Board (IASB) released a number of pronouncements under its various projects. As a service to our readers, this page provides a summary of the pronouncements, with links to our resources for each development.
Summary of the pronouncements
| Pronouncement | Summary | Links |
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IFRS 13 Education material: Measuring the fair value of unquoted equity instruments within the scope of IFRS 9 Financial Instruments Issued: 20 December 2012 |
Addresses the fair value measurement of unquoted equity instruments, presenting a range of commonly used valuation techniques for measuring the fair value of unquoted equity instruments within the market and income approaches, as well as the adjusted net asset method. | |
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Feedback Statement: Agenda Consultation 2011 Issued: 18 December 2012 |
Provides the IASB's response to constituent feedback on its agenda consultation which was commenced in 2011 |
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Exposure Draft ED/2012/7 Acquisition of an Interest in a Joint Operation Issued: 13 December 2012 |
Proposed narrow scope amendment to IFRS 11 Joint Arrangements to clarify that a joint operator accounts for the acquisition of an interest in a joint operation which is a business by applying IFRS 3 Business Combinations and other relevant standards. | |
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Exposure Draft ED/2012/6 Sale or Contribution of Assets Between and Investor and its Associate or Joint Venture Issued: 13 December 2012 |
Proposed narrow scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) to clarify when unrealised profits and losses on transactions between an investor and an associate should be fully recognised: requiring full recognition in relation to transactions involving businesses, but requiring partial elimination in the case of asset sales. |
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Exposure Draft ED/2012/5 Clarification of Acceptable Methods of Depreciation and Amortisation Published: 4 December 2012 |
Proposes amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets to provide additional guidance on how the depreciation or amortisation of property, plant and equipment and intangible assets should be calculated, precluding the use of revenue-based methods. | |
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Exposure Draft ED/2012/4 Classification and Measurement: Limited Amendments to IFRS 9 Published: 28 November 2012 |
Proposes amendments to IFRS 9 Financial Instruments to introduce a 'fair value through other comprehensive income' (FVOCI) measurement category for particular financial assets. | |
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Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes Published: 22 November 2012 |
Proposes limited scope amendments to IAS 28 Investments in Associates and Joint Ventures (2011) to include guidance on how an investor accounts for its share of the changes in net assets of an associate or joint venture that are not recognised in profit or loss or other comprehensive income of the investee ('other net asset changes'). | |
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Exposure Draft ED/2012/2 Annual Improvements to IFRSs 2011–2013 Cycle Published: 20 November 2012 |
The latest proposals for minor corrections and edits to IFRS. This cycle proposes amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 3 Business Combinations, IFRS 13 Fair Value Measurement and IAS 40 Investment Property. |
