IASB amends seven IFRSs
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).
| IFRS | Subject 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 |
Related Topics
- IAS 27 — Consolidated and Separate Financial Statements (2008)
- IAS 34 — Interim Financial Reporting
- IFRS 1 — First-time Adoption of International Financial Reporting Standards
- IFRS 3 — Business Combinations
- IFRS 7 — Financial Instruments: Disclosures
- IAS 1 — Presentation of Financial Statements
- IFRIC 13 — Customer Loyalty Programmes
