Issue 08/02
Changes to standard will impact entities with puttable instruments and entities with limited lives
The IASB in February 2008 finalised their Amendments to IAS 32 Financial Instruments: Presentation and this final version has now been approved by the ASRB effective from 20 March 2008 applying to periods commencing 1 January 2009 with early adoption available.
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Issue 0801
The IASB has issued two new standards:
- IFRS3 (revised), Business Combinations
- IAS27 (revised), Consolidated and Separate Financial Statements
These new standards are effective for annual reporting periods beginning on or after 1 July 2009. Earlier adoption for periods beginning on or after 30 June 2007 is permitted, but both standards must be adopted at the same time. Restatement of assets and liabilities that arose on a business combination whose acquisition date precedes the application of IFRS3(R) is not permitted and detailed guidance is provided in the standards for transition.
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Previous issues
Issue 0703 The International Financial Reporting Interpretations Committee (IFRIC) has recently released a new interpretation and a new draft interpretation.
Issue 0702 IFRIC Interpretation 13 Customer Loyalty Programmes
IFRS in Practice Issue 0701 Accounting for the reduction of the corporate tax rate
IFRS in Practice Issue 0604 Business Law Reform Bill – Submissions due this week
IFRS In Practice Issue 0603 The IASB is close to finalising its proposals for reporting by small and medium-sized entities (SME) and the Board expects to publish an exposure draft towards the end of this year. In the meantime, in order to keep constituents informed on progress, the Board has published on its website the working draft as it currently stands. The IASB has specifically stated that it does not want to receive comments on this working draft.
Issue: 0602 Hedge accounting – are you ready?
Issue: 0601 Presentation of cash flows
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