Return to: Home > News > Regulation > IASB issues transition guidance for IFRS 10

IASB issues transition guidance for IFRS 10

Author: TA editorial
Published: 2 Jul 2012
Email
Print

The International Accounting Standards Board (IASB) has issued a transition guide for IFRS 10 transition.

The document, Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance, presents amendments to IFRS 10, IFRS 11 and IFRS 12.

The amendments aim to provide additional transition relief in IFRS 10, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities, by “limiting the requirement to provide adjusted comparative information to only the preceding comparative period”.

Amendments made to IFRS 11 and IFRS 12 will eliminate the requirement to provide comparative information for periods prior to the immediately preceding period.

“We are confident that these amendments should allay the concerns of some who thought that the transition provisions were more burdensome than was originally intended,” IASB chairman Hans Hoogervorst said.

The effective date of the amendments is annual periods beginning on or after 1 January 2013, which is aligned with the effective date of IFRS 10, 11 and 12.

Other Latest News

Top Content

ARGA team, assemble!

The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

FASB: a quest for simpler standards

FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

The future of audit, and how to get there

Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

EFAA elects new president, focuses on digital future

EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.