The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to five International Financial Reporting Standards (IFRSs) under its annual improvements project. The project provides a streamlined process for dealing efficiently with a collection of narrow scope amendments to IFRSs.
The five standards addressed are:
1. IFRS 1 First-time Adoption of International Financial Reporting Standards
2. IAS 1 Presentation of Financial Statements
3. IAS 16 Property, Plant and Equipment
4. IAS 32 Financial Instruments: Presentation
5. IAS 34 Interim Financial Reporting
The proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2009. These amendments meet the enhanced criteria for the annual improvements process that were approved by the IFRS Foundation Trustees in February 2011 as part of a revision to the Due Process Handbook for the IASB. The revised criteria were developed to help determine whether a matter relating to the clarification or correction of IFRSs should be addressed using the annual improvements process.
The proposed effective date for the amendments is for annual periods beginning on or after 1 January 2013, although entities are permitted to adopt them earlier.
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