IASB aids IFRS adoption, slows effective dates.

• Author: Heffes, Ellen M.
• Position: Financial REPORTING - International Accounting Standards Board, International Financial Reporting Standards

The International Accounting Standards Board (IASB) announced a number of steps it has taken to give constitutents time to prepare for new standards and to provide input to work in progress.

In a July 24 press release, IASB recognized that many countries require time for translations and implementation of new standards into practice and, as appropriate, into law. To accommodate this, IASB intends to allow a minimum of one year between the date of the publication of wholly new International Financial Reporting Standards (IFRS) or major amendments to existing IFRS and the date when implementation is required.

Additionally, IASB and the U.S. Financial Accounting Standards Board (FASB) have agreed to publish discussion papers, rather than move directly to exposure drafts, on the individual sections of the Conceptual Framework project.

Thus, IASB will publish a discussion paper as the next step of its Fair Value Measurement project, which, it says, aims to provide consistency in the application of existing fair value requirements. Using discussion papers will allow at least two opportunities for public comment.

Additionally...