Style of Standards.
Date recorded:
Other stylistic changes to standards agreed to were:
- IFRS will include a "main features" section at the beginning and a definitions section at the end of the standard.
- The word "should" as used in IAS will be replaced by "shall" in IFRS to provide clearer indication as to what is required.
- The word "enterprise" as used in IAS will be replaced by "entity". This will reflect IASB's focus will be on reporting issues for entities participating in international capital markets.