Date recorded:

The Board continued to discuss a draft Preface to International Financial Reporting Standards. It was agreed, among other things, that:

  • IFRS where applicable, would apply to incorporated and unincorporated entities and encouragement is given for the use of IFRS by non-public entities
  • IFRS would always include transitional provisions
  • SIC reorganisation still to be incorporated
  • Regarding due process leading to a final Standard, a Discussion Document may not always be issued but an exposure draft and basis for conclusions will always be published.
  • It was agreed that the Preface would be exposed for public comment, subject to discussion with the Advisory Council.
  • Comments will be sought regarding the black letter/grey letter distinction, the clarity of the scope and authority of IFRS, an approach to dealing with effective dates and transition, and due process.

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