IASB Proposes Amendments to 11 IFRSs

The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to 11 IFRSs under its annual improvements project.


The proposed amendments range from clarification of the measurement of noncontrolling interests in IFRS 3, Business Combinations (as revised in 2008), to changes of wording to clarify the meaning of IFRSs and remove unintended inconsistencies.


Unless otherwise specified, the proposed effective date for the amendments is for annual periods beginning on or after Jan. 1, 2011. Entities would be permitted to adopt them earlier. The proposed effective date for the amendments arising from IFRS 3 and the consequential amendments to the transition requirements of IAS 27, Consolidated and Separate Financial Statements (as amended in 2008), is July 1, 2010.


Comments are due Nov. 24.  


Printed copies of the ED Improvements to IFRSs (ISBN 978-1-907026-33-1) will be available shortly, for approximately $16 a copy (plus shipping), from the IASC Foundation Publications Department.



News quiz: College debt, stolen identities, and retirement planning

See how much you know about these developments and others in the Journal of Accountancy news quiz.


Preventing and detecting fraud at not-for-profits

Organizations in all industries must deal with the potential for fraud to occur, and design controls to prevent and detect it. Environment, policies, and controls can help organizations steer clear of problems.


The dangers of dabbling

To meet evolving marketplace needs, CPAs often look to diversify their service offerings. Firms can mitigate the risk of experiencing competency-related professional liability claims by implementing these basic steps.