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Annual Improvements

IASB meeting summaries


 IASB February 2012: 2009-2011 cycle


 

 

The Board discussed seven of the proposed Improvements to IFRSs from the exposure draft published in June 2011. On the basis of the comments that the Board received from respondents and the recommendations of the IFRS Interpretations Committee, the Board tentatively decided to finalise six of the seven proposed improvements. The six amendments that the Board tentatively decided to finalise are:

  1. IFRS 1 First-time Adoption of International Financial Reporting Standards�Repeated application of IFRS 1
    1. In the light of the comments received on the exposure draft, the Board tentatively decided to allow, rather than require, the repeated application of IFRS 1 by entities that have applied IFRSs in a previous reporting period
  2. IFRS 1 First-time Adoption of International Financial Reporting Standards�Clarification of borrowing costs exemption for first-time adopters
  3. IAS 1 Presentation of Financial Statements�Clarification of the minimum requirements for comparative information in financial statements
  4. IAS 16 Property, Plant and Equipment�Clarification of accounting for servicing equipment
  5. IAS 32 Financial Instruments: Presentation�Clarification of the presentation of the tax effect of distributions to holders of equity instruments
  6. IAS 34 Interim Financial Reporting�Clarification of the disclosure requirements for total segment assets in interim financial reports. In the light of the comments received on the exposure draft, the Board tentatively decided to also clarify the disclosure requirements for total segment liabilities. The Board also tentatively decided to require that the proposed amendment should apply retrospectively rather than prospectively, as proposed.

All Board members present agreed

Annual Improvements not finalised

IAS 1 Presentation of Financial Statements �Changes derived from the Conceptual Framework for Financial Reporting (issued in 2010)

The Board tentatively decided to defer proposed amendments to IAS 1 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. These proposed amendments were intended to enhance consistency with the new relevant chapters of the Conceptual Framework. In IAS 1 this was done in terms of:

  1. updating the 'objective of financial statements' to be consistent with the 'objective of financial reporting'; and
  2. updating the definition of 'understandability' to be consistent with the new definition in the Conceptual Framework.

In IAS 8 this was done to reflect the term 'faithful representation' and to replace the term 'reliable'.

The Board tentatively decided that these changes should not be part of the annual improvements project, and to consider these matters separately from that project.

Date: 3/1/2012