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Amendments to IAS 1

Date recorded:

Paper 8A: Proposed Amendments to IAS 1 – Disclosure Initiative

The project manager provided background of the purpose and background of the paper and then put forward the questions therein to the Board:

Question 1 – Transition requirements and first-time adoption
Does the IASB agree that: Board response
a. The proposed Amendments to IAS 1 Presentation of Financial Statements should be applied from the effective date of the amendments, with earlier application permitted, and that no specific transition provisions are necessary? All members of the Board agreed. One member commented that there should be clarification with respect to what is meant by the wording ‘from the effective date’ as this sounds prospective; noting that in the absence of specific transition provisions the default would be retrospective application.
b. No specific provisions should be made for first-time adopters of IFRS for these Amendments to IAS 1? The Board agreed.
Question 2 – Due process and comment period
a. Is the IASB satisfied all due process steps applicable so far have been complied with? The Board agreed that it was satisfied that all due process steps applicable so far have been complied with.
b. Does the staff have permission to prepare a ballot draft of the Amendments to IAS 1 Exposure Draft with a comment period of 120 days? The Board agreed to grant permission to the staff to prepare a ballot draft of the Amendments to IAS 1 Exposure Draft with a comment period of 120 days.
c. Do any IASB members intend to dissent from the proposals? No members of the Board indicated their intention to dissent.

 

Paper 8B: Amendments to IAS 1 – Presentation of items of other comprehensive income arising from equity accounted investments (Interpretations Committee)

The project manager provided background of the purpose and background of the paper and then put forward the questions therein to the Board:

Question 1 – Transition requirements and first time adoption
Does the IASB agree that: Board response
a. The proposed Amendments to IAS 1 should be applied retrospectively? The Board agreed that the proposed Amendments to IAS 1 should be applied retrospectively – making reference to the previous comment in relation to clarification of the transition guidance, raised by a member at Question 1a in paper 8A above.
b. Early adoption of the Amendments to IAS 1 should be permitted? The Board agreed that early adoption of the Amendments to IAS 1 should be permitted.
c. No specific provisions should be made for first-time adopters of IFRS for these Amendments to IAS 1? The Board agreed that no specific provisions should be made for first-time adopters.
Question 2 – Due process and comment period
a. Is the IASB satisfied that due process requirements applicable so far have been met? The Board agreed that it was satisfied that the due process requirements applicable so far have been met.
b. Does the staff have permission to prepare this amendment as part of a ballot draft of the Amendments to IAS 1 Exposure Draft with a comment period of 120 days? The Board agreed to grant permission to the staff to prepare this amendment as part of a ballot draft of the Amendments to IAS 1 Exposure Draft with a comment period of 120 days.
c. Do any IASB members intend to dissent from the proposals? No members of the Board indicated their intention to dissent.

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