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Two Bound Volumes of IFRSs for 2010

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13 Jan 2010

The IASB plans to publish two types of Bound Volume (BV) of IFRSs for 2010: One will be the traditional BV including all pronouncements issued at the publication date, including those that do not become mandatory until after 2010 (will have a red cover and nicknamed the "Red Book"). The other will be a BV of only those pronouncements whose application is mandatory as of 1 January 2010 (will have a blue cover and nicknamed the "Blue Book")

To give an example, in November 2009 the IASB issued IFRS 9 Financial Instruments with an effective date of 1 January 2013. This new IFRS, together with its copious amendments to other IFRSs, will be consolidated in the 2010 Bound Volume (the Red Book), as it was issued before 1 January 2010. It will not be included in the new Blue Book, as its effective date means that it is not required for annual reporting periods beginning on 1 January 2010.

The IASB expects to release the Blue Book – titled Consolidated Without Early Application – around 20 January 2010. They expect to have a facility for placing orders for this volume shortly on IASB's Website.

 

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