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Improvements to IAS:

Date recorded:

Among the tentative decisions reached by the Board:

  • IAS 2, Inventories. LIFO should be eliminated.
  • IAS 10, Events After the Balance Sheet Date. IAS 37 should be applied in determining whether a liability for dividends should be recognised.
  • IAS 16, Property, Plant and Equipment. --Income and related expenses of operations incidental to the construction or development of property, plant and equipment should be recognised in net profit or loss for the period. This is what had been proposed in SIC D26. --The cost of acquisition of property, plant, and equipment should include the estimated cost of dismantling and removing the asset and restoring the site. This is consistent with the requirement of IAS 37. --Subsequent expenditure relating to property, plant and equipment should be added to the carrying amount of the asset only if the expenditure increases the asset's future economic benefits above those reflected in its most recent previously assessed standard of performance. --Depreciation of property, plant and equipment should cease when the property, plant and equipment is classified as held for sale.
  • IAS 24, Related Party Disclosures. The definition of related parties should include parties with joint control over the reporting enterprise, and joint ventures in which the reporting enterprise is a joint venturer. Guidance will be added to IAS 24 as to specific required disclosures, including disclosure of the monetary amounts of transactions and balances.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.