Annual improvements to IFRSs - 2009-2011

Date recorded:

IAS 1 Presentation of Financial Statements — Comparatives in financial statements

The Board discussed the recommendation of the IFRS Interpretation Committee to include in the Annual Improvements Project an issue to clarify the requirements for comparative information when an entity provides individual financial statements beyond the minimum comparative information.

Without significant discussion the Board agreed that required comparative information in paragraphs 38 to 40 of IAS 1 is part of a complete set of financial statements and decided to make clear the minimum requirements for comparative information. The Board also agreed to clarify the requirements for comparative information when there is a change in an accounting policy, a retrospective restatement or a reclassification.

These changes are consistent with the staff draft of the Financial Statements Presentation project that was published earlier in the year.

The Board considered the proposed change to the Annual Improvements Criteria and agreed to include the proposal in the Exposure Draft Improvements to IFRSs which will be published later in the year.

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