Comment deadline extended on proposal to replace IAS 37

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21 Mar 2010

At its meeting on 19 March 2010, the IASB extended the deadline to comment on a revised exposure draft (ED/2010/1) of one section of a replacement for IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

That section deals with measurement of liabilities that are within the scope of IAS 37. The original deadline of 12 April 2010 has been extended to 19 May 2010. IAS 37 applies to liabilities not covered by other accounting standards, including liabilities to decommission assets, environmental liabilities, obligations under onerous contracts, and liabilities arising from legal disputes. In June 2005, the IASB had published Proposals to amend IAS 37, including revised measurement requirements. In the light of the comments received, on 5 January 2010 the IASB issued revised proposals that include more guidance on measurement. It is the comment deadline on those revised proposals that has been extended. The IASB intends to replace IAS 37 in the third quarter of 2010. Click for:


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