IASB publishes proposals for amendments under its annual improvements project
03 May 2012
The International Accounting Standards Board (IASB) has published to its website an exposure draft (ED) of proposed amendments to eleven 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.
The ED proposes the following amendments:
IFRS | Subject of amendment |
---|---|
IFRS 2 Share-based Payment | To clarify the definition of 'vesting conditions' |
IFRS 3 Business Combinations (Consequential amendments proposed to IFRS 9) |
Accounting for contingent consideration in a business combination |
IFRS 8 Operating Segments |
Aggregation of operating segments Reconciliation of the total of the reportable segments' assets to the entity's assets |
IFRS 13 Fair Value Measurement |
Short-term receivables and payables |
IAS 1 Presentation of Financial Statements | Current/non-current classification of liabilities |
IAS 7 Statement of Cash Flows | Interest paid that is capitalised |
IAS 12 Income Taxes | Recognition of deferred tax assets for unrealised losses |
IAS 16 Property, Plan and Equipment and IAS 38 Intangible Assets | Revaluation method—proportionate restatement of accumulated depreciation |
IAS 24 Related Party Disclosures | Key management personnel |
IAS 36 Impairment of Assets | Harmonisation of disclosures for value in use and fair value less costs of disposal |
The ED proposes that all of the amendments will be effective for annual periods beginning on or after 1 January 2014, except for amendments to IFRS 3 and the proposed consequential amendments to IFRS 9, which will be effective for annual periods beginning on or after 1 January 2015. Entities are permitted to early adopt all the proposed amendments. 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 5 September 2012.
Related Topics
- IFRS 8 — Operating Segments
- IFRS 13 — Fair Value Measurement
- IAS 38 — Intangible Assets
- IAS 1 — Presentation of Financial Statements
- IAS 7 — Statement of Cash Flows
- IAS 12 — Income Taxes
- IAS 16 — Property, Plant and Equipment
- IAS 24 — Related Party Disclosures
- IAS 36 — Impairment of Assets
- IFRS 2 — Share-based Payment
- IFRS 9 — Financial Instruments
- IFRS 3 — Business Combinations