IFRS Interpretations Committee meeting:
17 and 18 January 2012
Annual Improvements 2009-2011 cycle—comment letter analysis
At its meeting in January 2012, the Committee deliberated upon the comments received on six proposed amendments that had been included in the exposure draft of proposed Improvements to IFRSs published in June 2011.
The Committee confirmed all six of the proposed amendments, subject to its final review of drafting changes, and submitted the proposed amendments to the Board for approval at a future Board meeting. Subject to that approval, the Board will include the amendments in the Improvements to IFRSs expected to be issued in the first half of 2012. The six confirmed proposed amendments were:
- IFRS 1 First-time Adoption of International Financial Reporting Standards—Repeated application of IFRS 1
- IFRS 1 First-time Adoption of International Financial Reporting Standards—Clarification of borrowing costs exemption
- IAS 1 Presentation of Financial Statements—Comparatives in financial statements
- IAS 16 Property, Plant and Equipment—Clarification of accounting for servicing equipment
- IAS 32 Financial Instruments: Presentation—Tax effect of distributions to holders of equity instruments
- IAS 34 Interim Financial Reporting—Interim financial reporting and segment information for total segment assets
Issues that are not recommended for addition to Annual Improvements
The Interpretations Committee deliberated two issues for consideration within Annual Improvements. The Committee decided to recommend that the Board should not add the following issues to Annual Improvements.
- IAS 41 Agriculture—Disclosure of the components of changes in fair value and associated valuation techniques
- IAS 33 Earnings per Share—Calculating earnings per share considering non-cumulative preference dividends
Read the full meeting update and observer notes.
IASB meeting:
16 April 2012
The IASB discussed a proposed amendment to paragraph 62 in IAS 16 Property, Plant and Equipment and paragraph 98 in IAS 38 Intangibles relating to selecting an appropriate depreciation and/or amortisation method.
Read the full meeting update and all previous updates and observer notes for this project.
Click here to listen to the IASB meeting audio playback.