IFRS NEWS

IASB amends seven IFRSs

May 2010

The IASB has issued Improvements to IFRSs - a collection of twelve amendments to seven IFRSs - as part of its program of annual improvements to its standards.  Most of these amendments had been included in the exposure draft issued in August 2009.  Generally, the amendments are effective for annual periods beginning on or after 1 January 2011, although entities are usually permitted to adopt them earlier.

IFRS	Subject of the Amendment
IFRS 1 First-time Adoption of IFRSs	Accounting policy changes in the year of adoption Revaluation basis as deemed cost Use of deemed cost for operations subject to rate regulation
IFRS 3 Business Combinations	Transition requirements for contingent consideration from a business combination that occurred before the effective date of the revised IFRS Measurement of non-controlling interests Un-replaced and voluntarily replaced share-based payment awards
IFRS 7 Financial Instruments: Disclosures	Clarification of disclosures
IAS 1 Presentation of Financial Statements	Clarification of statement of changes in equity
IAS 27 Consolidated and Separate Financial Statements	Transition requirements for amendments arising as a result of IAS 27
IAS 34 Interim Financial Reporting	Significant events and transactions
IFRIC 13 Customer Loyalty Programmes	Fair value of award credits