On 20 December 2011 the International Accounting Standards Board (IASB) published for public comment proposed amendments to IFRS 10 Consolidated Financial Statements.
The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively. The proposals should allay the concerns of some who thought that the transition provisions were more burdensome than originally intended.
It is proposed that the effective date of the proposed amendments would be aligned with the effective date of IFRS 10.
The Exposure Draft was open for comment until 21 March 2012.