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.
