This month the International Accounting Standards Board (IASB) issued an exposure draft of proposed amendments to 11 International Financial Reporting Standards (IFRSs). The proposed amendments, published in relation to its annual, due process improvements project, provides “a streamlined process for dealing efficiently with a collection of narrow scope amendments to IFRSs,” says the IASB release.
The effective date for the proposed amendments would be annual periods beginning on or after Jan. 1, 2014, with the exception of the proposed amendments to IFRS 3 Business Combinations and IFRS 9 Financial Instruments, which is for annual periods beginning on or after Jan. 1, 2015. Early adoption is permitted for all proposals. Access the exposure draft on the comment page; feedback is due by Sept. 5, 2012. For more information about the criteria used to determine whether a topic should be added as part of the annual improvements projects, click here.
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