There are not very many new standards for mandatory application to the 2012 reporting period, which is welcome news at the time when half-yearly accounts are under preparation. Only the IFRS 7 amendment on disclosures on financial assets may prove complex to apply.
This is only a temporary respite, however, and now is the time to prepare for tomorrow’s changes. The Accounting Regulatory Committee (ARC) has recently voted to endorse the new standards on consolidation. These will most probably come into force on 1 January 2014. As to the accounting for the subsequent liability recognised for NCI puts, the stranglehold is tightening with the publication of a draft interpretation proposing that all changes in the measurement of NCI puts must be recognised in profit or loss.
Enjoy your reading!
- A closer look
- Standards and interpretations applicable as of 30 June 2012
- IFRS 7 amendments: disclosures on the transfer of financial assets
- IFRS Interpretation Committee publishes tentative decision on the accounting treatment of Greek debt restructuring plan (Private Sector Involvement)
- Events and FAQs
56_Beyond the GAAP_May 12