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July 1, 2012

IASB issues transition guidance for IFRS 10

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.

 

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