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IASB amends transition guidance for IFRS 10

  • Amendments - IFRS 10 Image

Jun 28, 2012

The IASB has published "Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12)." These amendments will help to alleviate concerns that the transitional requirements of IFRS 10, "Consolidated Financial Statements," are more burdensome than had been intended. The line-by-line information required by paragraph 28(f) of IAS 8 is limited to the immediately preceding period.

The amendments are intended to provide additional transition relief in IFRS 10, IFRS 11, Joint Arrangements, and IFRS 12, Disclosure of Interests in Other Entities, by “limiting the requirement to provide adjusted comparative information to only the preceding comparative period.” In addition, amendments were made to IFRS 11 and IFRS 12 to eliminate the requirement to provide comparative information for periods before the immediately preceding period.

The effective date of these amendments, annual periods beginning on or after January 1, 2013, is aligned with the effective dates of IFRS 10, IFRS 11, and IFRS 12.

Click for the press release (link to the IASB's Web site). A PDF of the amendments is available to subscribers through the IASB's Web site.

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