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May 3, 2012

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.

 

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