Liabilities - amendments to IAS 37IAS 37 Provisions, Contingent Liabilities and Contingent Assets applies to liabilities of uncertain timing or amount (‘provisions’) that do not fall within the scope of other standards. These include liabilities arising from litigation, asset retirement (decommissioning) obligations, restructuring activities and onerous contracts. The Board is reviewing the requirements of IAS 37, which it intends to replace with a new IFRS. Why is the Board undertaking the project?The Board is undertaking the project to:
Where are we in the project?In June 2005, the Board published an exposure draft of the proposed amendments. In November and December 2006, the Board held round-table meetings with constituents to discuss their views on the proposals in the exposure draft. During 2007, the Board met representative of the General Counsel 100 Group to discuss issues specifically related to lawsuits. Since then the Board has been reviewing the proposals in the light of comments received. It has tentatively decided to change some of the proposals in the exposure draft. Click here for a summary of the tentative decisions. In particular, the Board has decided to provide more guidance on applying the proposed measurement requirements. On 5 January 2010 it published for public comment an exposure draft of the proposed new guidance. Comments are requested by 12 April 2010. What will happen next?To enable interested parties to see the proposed measurement guidance in the context of the proposed standard as a whole, the Board is preparing a working draft of the entire standard and aims to post a copy on its website in February 2010. The Board aims to complete the standard in 2010. Is this project part of the Memorandum of Understanding (MoU)?No. The MoU sets out a Roadmap of Convergence between IFRSs and US GAAP 2006-2008. Постоянный адрес: https://www.ippnou.ru/article.php?idarticle=007930
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