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.

 

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.