Welcome to IASB Update
The IASB held a public meeting in London, UK, on Monday 7 November 2011. The meeting was attended by 11 Board members.
Some Board members attended the meeting by audioconference.
The topic discussed at the IASB meeting was:
Mandatory effective date of IFRS 9
At this meeting, the IASB tentatively decided that IFRS 9 (2009) and IFRS 9 (2010) should be amended to require application for annual periods beginning on or after 1 January 2015, rather than 1 January 2013. The Board also tentatively decided not to require the restatement of comparative-period financial statements for the initial application of the classification and measurement requirements of IFRS 9, but instead to require modified disclosures on transition from the classification and measurement requirements of IAS 39 to those of IFRS 9. The Board also tentatively decided that this disclosure would be required even if an entity chose to restate its comparatives for the effect of applying IFRS 9. Early application of IFRS 9 (2009) and IFRS 9 (2010) would continue to be permitted.
Ten Board members supported these decisions, with one member disagreeing.
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Future Board meetings
The IASB meets at least once a month for up to five days.
The next Board meetings in 2011 are:
To see all Board meetings for 2011, click here.
Archive of IASB Update Newsletter
Click here for archived copies of past issues of IASB Update on the IASB website.
This discussion will be included in the podcast of the main November meeting on 15 & 16 November.
To listen to podcast summaries of previous Board meetings, click here.