07.05.2010: IASB concludes the 2008-2010 cycle of annual improvements to IFRSs

The International Accounting Standards Board (IASB) today issued “Improvements to IFRSs” - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements.

The IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of a major project. The amendments included in today’s publication reflect issues that were included in the draft of proposed amendments to IFRSs published in August 2009. It also includes an amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards” applicable to entities with operations subject to rate regulation. That amendment was included in the exposure draft “Rate-regulated Activities”, published in July 2009. By presenting the amendments in a single document rather than a series of piecemeal changes the IASB aims to ease the burden of change for all concerned.

Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2011, with earlier application permitted. Subscribers may view the document in eIFRS.

More details: GAAP.RU