IAS 37 applies to liabilities not covered by other accounting standards, such as liabilities to decommission assets and liabilities arising from legal disputes. The IASB previously published proposals to amend IAS 37, including revised measurement requirements. In light of the comments received, the IASB developed more guidance on the measurement of these liabilities. To comment on the ED, go to iasb.org, scroll over the “Get involved” tab and click on “Comment on a proposal.” Comments are due April 12. The ED is available at go.iasb.org/liabilities.
Japan’s Financial Services Agency (FSA) will allow voluntary application of IFRS starting from fiscal years ending on or after March 31, 2010, and eliminate, for fiscal years ending after March 31, 2016, the option for some Japanese listed companies to submit their consolidated financial statements according to U.S. GAAP.
The changes to the Cabinet Office Ordinances provide listed companies that meet particular criteria the option of preparing their consolidated financial statements according to IFRS. The FSA is following the road map for the Application of International Financial Reporting Standards (IFRS) in Japan released in June 2009. In the interim report, the BAC proposed allowing an early adoption of IFRS by listed companies followed by mandatory adoption of IFRS from 2015 or 2016, with a final decision on the mandatory requirements being made around 2012.