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IASB clarifies IFRS 10 delivery dates

Wednesday 21 December 2011 – by [email protected]

 The International Accounting Standards Board has released an exposure draft clarifying implementation dates for the IFRS 10 standard, amid confusion over the date from which firms will have to use the new principle.

The IFRS Interpretations Committee had received requests from industry to make clearer the transitional guidance to IFRS 10, the IASB said on Tuesday.

“The objective of the proposed amendments in this exposure draft is to provide this clarification and to make clear what the board’s intention was when issuing IFRS 10,” it said.

“As a result, the board proposes to explain that the ‘date of initial application’ in IFRS 10 means ‘the beginning of the annual reporting period in which IFRS 10 is applied for the first time’.”

Issued in May, IFRS 10 establishes principles for preparing and presenting consolidated financial statements when a firm controls one or more entities.

The exposure draft also contains a small number of amendments to clarify how an investor shall adjust comparative periods retrospectively if different conclusions are reached under the IAS 27 and SIC-12 standards that IFRS 10 supersedes.


IFRS 10 will apply from 1 January 2013, though early adoption is permitted. The exposure draft is open for comment until 21 March 2012.


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