20 November 2012
The International Accounting Standards Board (IASB) today published for
public comment an Exposure Draft of proposed amendments to four 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 proposed amendments reflect
issues discussed by the IASB in the project cycle that began in 2011. These
amendments meet the criteria for the annual improvements process set out in the
Due Process Handbook for the IASB. The criteria help in deciding
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
2014, although entities are permitted to adopt them earlier.
The Exposure
Draft can be accessed via the project website or on the 'Comment on a proposal'
page on http://www.ifrs.org/. The IASB
requests comments on the exposure draft by 18 February 2013.
More
information about the criteria used to decide whether a topic should be added as
part of the annual improvements project can be found here.
End
Press
enquiries:
Chris Welsh, Communications Manager, IFRS
Foundation
Telephone: +44 (0)20 7246 6410
cwelsh@ifrs.org
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
mbyatt@ifrs.org