IASB subcommittee is working on Improvements Project
04 Jun 2001
In response to its request, IASB has received hundreds of ideas for possible Improvements to existing IAS.
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 |