IASB proposes amendments to eleven IFRSs

The International
Accounting Standards Board (IASB) has proposed amendments to eleven
IFRSs as part of its annual improvements project.

These include amendments
to short-term receivables and payables of fair value measurement
and to the classification of liabilities in the presentation of
financial statements.

IASB decision is part of
the annual improvements process approved by the IFRS Foundation
trustees in February 2011 as part of a revision to the
IASB Due Process Handbook.

Subject to the outcome
of the consultation, amendments will be effective for annual
periods beginning on or after 1 January 2014, except for amendments
to IFRS 3 and the proposed consequential amendments to IFRS 9,
which will be effective for annual periods beginning on or after 1
January 2015.

The exposure draft is
open for comment until 5 September.