The
IASB issued a revised version of IAS 24, Related Party
Disclosures, that simplifies the disclosure requirements for
government-related entities and clarifies the definition of a related
party. The revised standard is effective for annual periods beginning
on or after Jan. 1, 2011. Early application is permitted. The revised
standard is available at iasb.org.
The Canadian Accounting Standards Board (AcSB) approved final
accounting standards for private enterprises. The new standards will
be issued by the end of the year and will be available for 2009
reporting for entities that choose to adopt them early, according to
an AcSB press release.
The private enterprise standards give Canadian businesses the option to adopt either new Canadian standards or IFRS. Private enterprises must decide which of the standards to adopt for years beginning on or after Jan. 1, 2011.
AcSB’s decision to adopt separate standards for private enterprises follows its decision in 2008 to adopt IFRS for public companies by 2011.
