This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB subcommittee is working on Improvements Project

  • News default Image

04 Jun 2001

In response to its request, IASB has received hundreds of ideas for possible Improvements to existing IAS.

The Board has appointed a subcommittee of IASB members (Robert Herz, Gilbert Gelard, Jim Leisenring, and Warren McGregor) to consider all proposed improvements. The subcommittee is expected to report to the Board at its June meeting. Regarding elimination of choices, IASB has identified the following nine choices as areas for possible change:

Accounting Issue

Current Choices

Inventories

FIFO/Average or LIFO

Correction of fundamental errors relating to prior periods

Restate or cumulative effect in earnings

Adjustments resulting from changes in accounting policies

If impracticable to restate, adjust retained earnings or cumulative effect in earnings

Foreign exchange losses from a severe devaluation or depreciation

Expense or capitalisation

Translation of goodwill and fair value adjustments on acquisition of a foreign entity

Closing rate or rate at transaction date

Measurement of minority's portion of identifiable assets and liabilities acquired

Fair value or carrying amount

Borrowing costs

Expense or capitalise

Investments in associates/subsidiaries in parent entity accounts

Cost or equity method or IAS 39

Reporting a venturer's interest in jointly controlled entities

Proportionate consolidation or equity method

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.