IASB amends 12 IFRSs

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15 Apr 2009

The IASB has issued 'Improvements to IFRSs' – a collection of amendments to twelve International Financial Reporting Standards – as part of its program of annual improvements to its standards. The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

The latest amendments were included in exposure drafts of proposed amendments to IFRSs published in October 2007, August 2008, and January 2009. Most of the amendments are effective for annual periods beginning on or after 1 January 2010, although entities are permitted to adopt them earlier.

During its deliberations of comments received on the exposure draft of Proposed Improvements to IFRSs published in August 2008, the IASB decided to postpone reconsideration of two IAS 39 issues (relating to the fair value option and bifurcation of an embedded foreign currency derivative) until more analysis could be completed. Consequently, with the document published today, all the other issues included in the three exposure drafts have been finalised or removed from the IASB's agenda.

The following table lists the IFRSs and topics addressed by the amendments. Click for IASB Press Release (PDF 45k).


IFRSSubject of amendmentEffective for annual periods beginning

IFRS 2 Share-based Payment

Scope of IFRS 2 and revised IFRS 3

1 July 2009

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

1 January 2010

IFRS 8 Operating Segments

Disclosure of information about segment assets

1 January 2010

IAS 1 Presentation of Financial Statements

Current/non-current classification of convertible instruments

1 January 2010

IAS 7 Statement of Cash Flows

Classification of expenditures on unrecognised assets

1 January 2010

IAS 17 Leases

Classification of leases of land and buildings

1 January 2010

IAS 18 Revenue

Determining whether an entity is acting as a principal or as an agent

None – amendment to non-mandatory guidance

IAS 36 Impairment of Assets

Unit of accounting for goodwill impairment test

1 January 2010

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

1 July 2009

IAS 39 Financial Instruments: Recognition and Measurement

Treating loan prepayment penalties as closely related embedded derivatives

Scope exemption for business combination contracts

Cash flow hedge accounting

1 January 2010

IFRIC 9 Reassessment of Embedded Derivatives

Scope of IFRIC 9 and revised IFRS 3

1 July 2009

IFRIC 16 Hedges of a Net Investment in a Foreign Operation

Amendment to the restriction on the entity the entity that can hold hedging instruments

1 July 2009


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.