The International Accounting Standards Board (IASB) has proposed amendments to IFRS 10 consolidated financial statements.
IASB said the amendment aims to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively. The proposal addresses the need to simplify transition provisions that resulted in being more burdensome than originally intended.
The effective date of the proposed amendments would be aligned with the effective date of IFRS 10.
Deadline to comment on the exposure draft, Transition Guidance (Proposed amendments to IFRS 10), is 21 March 2012.