IASB amends seven IFRSs

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06 May, 2010

The IASB has issued Improvements to IFRSs – a collection of amendments to seven IFRSs – as part of its program of annual improvements to its standards.

The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. These amendments had been proposed in exposure drafts issued in August 2008 and August 2009. Most of the amendments are effective for annual periods beginning on or after 1 January 2011, although entities are generally permitted to adopt them earlier.

Click for IASB Press Release(PDF 104k).


IFRSSubject of amendment

IFRS 1 First-time Adoption of IFRSs

Accounting policy changes in the year of adoption

Revaluation basis as deemed cost

Use of deemed cost for operations subject to rate regulation

IFRS 3 Business Combinations

Transition requirements for contingent consideration from a business combination that occurred before the effective date of the revised IFRS

Measurement of non-controlling interests

Un-replaced and voluntarily replaced share-based payment awards

IFRS 7 Financial Instruments: Disclosures

Clarification of disclosures

IAS 1 Presentation of Financial Statements

Clarification of statement of changes in equity

IAS 27 Consolidated and Separate Financial Statements

Transition requirements for amendments arising as a result of IAS 27

IAS 34 Interim Financial Reporting

Significant events and transactions

IFRIC 13 Customer Loyalty Programmes

Fair value of award credits


Correction list for hyphenation

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