Disclosures for Minority Interests

The Board discussed the effects of classifying minority interests on the disclosures to be required. The Board concluded that IAS 1.86 is clear that a reconciliation for minority interest would have to be provided in the statement of changes in equity. The most likely presentation would be an addition of one column in the statement of changes in equity, as illustrated in Appendix A of IAS 1.

Comment Period, Effective Date, and Transition - Minority Interest Decisions

The Board agreed that it will issue two exposure drafts in this project; one related to business combinations and one related to minority interests (amendment of IAS 27). Both EDs will be issued together and will have a 90-day comment period.

The proposed effective date will be 1 January 2006 for both standards. Earlier application will be optional. The requirements would have to be applied retrospectively, unless impracticable. However, all business combinations that occur after the earliest business combination that has been retrospectively restated must also be restated.