The Board had previously tentatively decided to include in the Annual Improvements 2008-2010 cycle an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards regarding the use of a previous GAAP carrying amount as deemed cost for property, plant and equipment and intangible assets used in operations subject to rate regulation. At this meeting the Board considered and tentatively agreed to clarifications to this proposed amendment.
The Board formally assessed the improvements proposed for inclusion in the forthcoming Improvements to IFRS against the current published criteria for Annual Improvements and concluded that the criteria were met.
Next step
The staff will circulate shortly a ballot draft of Improvements to IFRSs for publication in April 2010.