Improvements to IFRSAccounting Alert - May 2009 (Special update) |
The IASB has issued Improvements to IFRSs 2009, which amends 12 IFRS Standards. The Improvements are part of the IASB’s annual improvements programme, under which the IASB makes necessary, but non-urgent, amendments to IFRSs. The recently approved amendments are largely clarifications of existing requirements and guidance and changes to eliminate unintended consequences of other recent modifications to IFRS Standards and Interpretations. However, several of the amendments could result in changes to existing practice, including amendments relating to the current/non-current classification of convertible instruments, the classification of expenditures on unrecognised assets in the statement of cash flows and the classification of leases of land.
The effective date and transitional provisions vary by Standard. Most of the amendments are effective for annual periods beginning on or after 1 January 2010, although entities are permitted to adopt them earlier.
Further information on the changes can be found in the Deloitte IAS Plus Newsletter: Improvements to IFRSs 2009
Read other articles in Accounting Alert - May 2009
- Income Tax exposure draft
- Leases – Preliminary views
- Derecognition (Proposed amendments to IAS 39 and IFRS 7)
- IASB Responds to G20
- Recent developments for PBE’s
Deloitte IFRS publications
Deloitte has recently issued the following IFRS publications:
- Interim Financial Reporting - A guide to IAS 34 – an updated guide to IAS 34 Interim Financial Reporting
- IAS 34 Interim Reporting Compliance Checklist for 2009 – a checklist of the requirements of IAS 34 formatted to allow the recording of a review of interim financial statements, with a place to indicate yes/no/not-applicable for each item
- IFRS resources - helping you achieve compliance
Other Deloitte publications of interest
Deloitte (United Kingdom) has launched a monthly newsletter focusing on the joint IASB and FASB project to develop a new global financial reporting standard for Insurance.
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Accounting Alert - May 2009
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