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IASB decides to continue project to replace IAS 37

  • IASB (International Accounting Standards Board) (blue) Image

15 Sep 2010

During today's meeting, the IASB decided, by a large majority, to continue to develop an IFRS to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets with an expected measurement model, but to reconsider aspects of the measurement requirements with a view to address reliability and cost-benefit concerns.

As part of this process, the IASB will reconsider the proposal to require a risk adjustment and/or the need for further guidance on how to measure the risk adjustment. The IASB will also consider whether further action is needed to address concerns about the difficulties and risks of applying the proposals to US litigation. The IASB will continue to discuss the key issues identified from the comment letters received, subject to the pressures of finalising the existing MoU projects and hopes to publish an Exposure Draft by June 2011.

Detailed Deloitte observer notes from the meeting are available Here. More information on the project is available in our Liabilities: IAS 37 Amendments project page.

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