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.

 

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.