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.