Friday 06 December 2013
The IASB addressed a request to clarify the requirements for providing comparative information for:
The IASB clarified that the appropriate date for the opening statement of financial position is the beginning of the preceding period. This opening statement of financial position will be provided when the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period. The IASB also decided to specify that related notes to this opening statement of financial position are not required to be presented.
The IASB decided to clarify that additional financial statement information need not be presented in the form of a complete set of financial statements for periods beyond the minimum requirements. The IASB d also decided to clarify that, when additional comparative information (that is not required by IFRSs) is provided by an entity, this information should be presented in accordance with IFRSs and the entity should present comparative information in the related notes for that additional information.
The IASB tentatively decided to finalise the proposed amendment
The Interpretations Committee tentatively decided to recommend that the IASB finalise the proposed amendment
The IASB tentatively decided to include the proposed amendment within the next Improvements to IFRSs exposure draft
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