IASB proposes improvements to 8 IFRSs

  • IASB Exposure Draft (original) Image

06 Aug 2008

The IASB has issued an exposure draft (ED) of proposed amendments to eight International Financial Reporting Standards (IFRSs) as part of its 2008 Annual Improvements Project.

Most of the proposals would be effective for annual periods beginning on or after 1 January 2010, with earlier adoption permitted. However, the proposed effective date for those amendments arising from the revised IFRS 3 Business Combinations is 1 July 2009 (in line with the effective date of that standard and related changes to IAS 27 Consolidated and Separate Financial Statements).

The IFRSs and topics covered by the proposed amendments are:


Subject of amendment

IFRS 2 Share-based Payment Scope of IFRS 2 and revised IFRS 3
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Disclosures of non-current assets (or disposal groups) classified as held for sale or discontinued operations
IFRS 8 Operating Segments Disclosure of information about segment assets
IAS 7 Statement of Cash Flows Classification of expenditures on unrecognised assets
IAS 18 Revenue Determining whether an entity is acting as a principal or as an agent
IAS 36 Impairment of Assets Unit of accounting for goodwill impairment test
IAS 38 Intangible Assets Additional consequential amendments arising from revised IFRS 3
Measuring the fair value of an intangible asset acquired in a business combination
IAS 39 Financial Instruments: Recognition and Measurement

Scope exemption for business combination contracts
Application of the fair value option
Cash flow hedge accounting Bifurcation of an embedded foreign currency derivative

The IASB requests comments on the ED draft by 7 November 2008. Click for IASB Press Release (PDF 49k).


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