The proposals range from clarification of the measurement of non controlling interests in IFRS 3 Business Combinations to changes of wording to clarify the meaning of IFRSs and remove unintended inconsistencies.
The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to eleven International Financial Reporting Standards (IFRSs) under its annual improvements project.
The proposed amendments reflect issues discussed by the
IASB in the project cycle that began last year. The proposals range from clarification of the measurement of non-controlling 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 1 January 2011, although 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 1 July 2010.
Deadline for comments is 24 November 2009
© IASB - International Accounting Standards Board
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