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In this newsletter, we look at the following topic:
Improvements to IFRS 2008
The IASB published the final amendments to its first annual improvements project in May 2008. This newsletter highlights the details of the key changes made, the impact of those changes and the effective date. The amended standards that are likely to be of most interest to readers are the changes to IFRS 5, IAS 19, IAS 38 and IAS 39.
The first improvements project saw the Board put forward for consideration 41 amendments to the standards. Seven of the proposed amendments were deemed sufficiently of substance and were sent back for further work; 11 were minor corrections and went through with little comment and no expected impact. The remaining 24** will have more impact but crossed the finishing line intact. The Board has confirmed improvements should be expected to be seen on more regular basis but not in the volume of this first batch.
** Attentive readers will spot that the numbers don't add up - the proposed amendment to IAS 29 was split into two parts; one is included in the Improvements standard, the other has been included in the 'needs further work' category.
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Read more by downloading our HKFRS News - Aug 2008 (pdf file, 91KB) for your reference.
Note: HKFRS has converged with IFRS effective from 1 January 2005. Contents contained in this newsletter are relevant to both HKFRS preparers and IFRS preparers.
Other Issues of HKFRS News
Accounting and Listing Rules Updates |
