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IASB publishes Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12)

 28 June 2012


 

The International Accounting Standards Board (IASB) has today issued Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12). The amendments clarify the transition guidance in IFRS 10 Consolidated Financial Statements.

The amendments also provide additional transition relief in IFRS 10, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities, limiting the requirement to provide adjusted comparative information to only the preceding comparative period. Furthermore, for disclosures related to unconsolidated structured entities, the amendments will remove the requirement to present comparative information for periods before IFRS 12 is first applied.

Hans Hoogervorst, Chairman of the IASB, said: “Having listened to feedback received from preparers and other interested parties, we are confident that these amendments should allay the concerns of some who thought that the transition provisions were more burdensome than was originally intended.”

The effective date of the amendments is annual periods beginning on or after 1 January 2013, which is aligned with the effective date of IFRS 10, 11 and 12.

Press enquiries

  • Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
    Telephone: +44 (0)20 7246 6472
    Email: mbyatt@ifrs.org
  • Chris Welsh, Communications Manager, IFRS Foundation
    Telephone: +44 (0)20 7246 6495
    Email: cwelsh@ifrs.org

Technical enquiries

  • Michael Stewart, Director of Implementation Activities, IASB
    Telephone: +44 (0)20 7246 6922
    Email:mstewart@ifrs.org
  • Jane Pike, Senior Technical Manager, IASB
    Telephone: +44 (0)20 7246 6925
    Email: jpike@ifrs.org

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