IASB will conduct post-implementation reviews of standards

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11 Jul 2007

Bertrand Collomb, Vice Chairman of the International Accounting Standards Committee Foundation, appeared before the Open Coordinators Meeting of the Economic and Monetary Affairs Committee of the European Parliament in Brussels on 10 July 2007. Mr Collomb reported that the IASB will undertake post-implementation reviews of all entirely new IFRSs, major interpretations, and major amendments to existing standards after two full years of implementation.

Such reviews would focus on important issues identified as contentious as part of the development of standards and any significant unexpected costs or problems encountered by preparers in implementing the provisions of the standard or by users in analysing the information. This requirement will be in place for any new IFRSs or major amendments to existing standards and major interpretations adopted by the IASB with an effective date beginning on or after 1 January 2009. As part of this process, the IASB will undertake reviews on IFRS 8 Operating Segments, IFRIC 12 Service Concession Arrangements, and any standard to emerge on the business combinations phase two project. Click to (PDF 39k).

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