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IFRS 10 — Transitional requirements

Date recorded:

The IASB discussed a shortened comment period for the exposure draft Transition Guidance (Proposed Amendments to IFRS 10). The Board tentatively agreed that a comment period of 90 days was considered acceptable and in compliance with the Due Process Handbook for the IASB, because the exposure draft is relatively short, the matter is urgent, the amendments to the guidance are limited to the transitional provisions in the standard and are essentially clarifications of the Board’s intention when IFRS 10 was issued and there is likely to be broad consensus on the topic. These proposed amendments should alleviate concerns that some have that the transitional requirements are more burdensome than had been intended. The shortened comment period would allow for:

  1. the proposed amendments' effective date to be aligned with that of IFRS 10 (1 January 2013);
  2. the proposed amendments to be provided as early as possible, in order to benefit preparers as they plan for transitioning to IFRS 10; and
  3. to provide sufficient time for the endorsement process in jurisdictions that have one.

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