Investment entities – Sweep issues

Date recorded:

The IASB discussed the investment entities project, specifically whether to permit early application of the proposals and the comment period for the upcoming exposure draft.

Effective date and early application

The Board tentatively decided that as these proposals would amend IFRS 10 that the same early application provisions in IFRS 10 would be allowed for these proposed amendments (i.e., IFRS 11, IFRS 12 and the amended IAS 27 and IAS 28 would also have to be early applied). The Board also tentatively agreed that the effective date of these proposals would align with those other standards (i.e. 1 January 2013).

Comment period

The Board also tentatively decided to allow for a comment period of 120 days after the issuance of the exposure draft.

The Board also agreed to allow the staff to proceed to balloting the exposure draft. The three retiring Board members each expressed their intention to dissent to the proposals in the exposure draft.

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