Friday, September 26, 2008

IASB published the ED of IFRS 1 and IFRS 5

The International Accounting Standards Board (IASB) today, 25 September 2008 published for public comment an exposure draft (ED) of proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The exposure draft propose : (1) to exempt companies from retrospective application of IFRSs for oil and gas assets using the full cost method and for operations subject to rate regulation, (2) to exempt companies with existing leasing contracts accounted for in accordance with IFRIC 4 Determining whether an Arrangement contains a Lease from reassessing the classification of those contracts according to IFRSs when the same classification has previously been made in accordance with national GAAP.

In addition, at the same date, IASB also published for public comment an ED of proposed amendments to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

The proposals are to revise the definition of discontinued operations and require additional disclosure about component of an entity that have been disposed of or are classified as held for sale.

The proposals are the result of a joint project by the IASB and the US FASB to develop a common definition of discontinued operations and require common disclosures about them.

The deadline for public comment for these ED is 23 January 2009.

Here is the link to the above IASB Press Release : IASB proposes amendments to the retrospective application (IFRS 1) and IASB proposes revised definition of discontinued operations (IFRS 5)

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