IAS 8 — Change in terminology to the qualitative characteristics
The IFRIC considered the comment letters received to the proposed amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors related to changes of terminology reflecting the changes in the Framework. Most of constituents were concerned that the changes to IAS 8 were proposed before the Qualitative Characteristics chapter of the Framework is published. The IFRIC members reiterated those concerns.
After a short debate the IFRIC recommended to the Board to finalise the amendments and issue them in the Annual Improvement 2008-2010 cycle in case the Qualitative Characteristics chapter of the Framework is issued before Annual Improvements publication in April 2010.