IASB publishes proposals for amendments under its annual improvements project

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21 Jun 2011

The International Accounting Standards Board (IASB) has published to its website an exposure draft (ED) of proposed amendments to five International Financial Reporting Standards (IFRSs) under its annual improvements project.

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.

ED/2011/2 Improvements to IFRSs proposes the following amendments:

IFRS Subject of amendment
IFRS 1 First-time Adoption of IFRSs Repeated application of IFRS 1

Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs

IAS 1 Presentation of Financial Statements Clarification of requirements for comparative information

Consistency with the updated Conceptual Framework

IAS 16 Property, Plant and Equipment Classification of servicing equipment
IAS 32 Financial Instruments: Presentation Clarify that income tax relating to distributions to holders of an equity instrument and income tax relating to transaction costs of an equity transaction should be accounted for in accordance with IAS 12 Income Taxes.

IAS 34 Interim Financial Reporting Interim financial reporting and segment information for total assets

The ED proposes that all of the amendments will be effective for annual periods beginning on or after 1 January 2013, although entities shall be permitted to adopt them earlier. Click for IASB Press Release (link to IASB website).

You can access the ED via the the 'Comment on a proposal' page on the IASB's website. The IASB requests comments on the ED by 21 October 2011.

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