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The amendments also provide additional transition relief in IFRS 10, IFRS 11 'Joint Arrangements' and IFRS 12 'Disclosure of Interests in Other Entities', limiting the requirement to provide adjusted comparative information to only the preceding comparative period. Furthermore, for disclosures related to unconsolidated structured entities, the amendments will remove the requirement to present comparative information for periods before IFRS 12 is first applied.
Hans Hoogervorst, Chairman of the IASB, said: “Having listened to feedback received from preparers and other interested parties, we are confident that these amendments should allay the concerns of some who thought that the transition provisions were more burdensome than was originally intended”.
The effective date of the amendments is annual periods beginning on or after 1 January 2013, which is aligned with the effective date of IFRS 10, 11 and 12.