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December 20, 2010

IASB issues amendments to IFRS 1 and IAS 12

The International Accounting Standards Board (IASB) has issued two narrow amendments to IFRS 1 and changes to IAS 12 Income taxes.

The IFRS 1 first amendment replaces references the fixed date of 1 January 2004 with a date of transition, eliminating the need for companies adopting IFRSs for the first time to restate derecognition transactions that occurred before the date of transition.

The second IFRS 1 amendment provides guidance on how an entity should resume presenting financial statements in accordance with IFRSs after the period of being unable to comply with IFRSs due to functional currency being subject to severe hyperinflation. Changes to IFRS 1 come into effect on 1 July 2011.

The amendments to IAS 12 address the issue of measuring the deferred tax relating to an asset depending on whether the entity expects to recover the carrying amount of the asset through use or sale.

All changes follow a consultation period and exposure draft issued in August and September.

 

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