IFRS 11 has just passed its third birthday (issued in May 2011)
and is now applicable across the IFRS world. EU IFRS preparers had
a one year delay but are required to apply the standard for 2014.
IFRS 11 may come to rival IFRS 1 as the most frequently amended
standard and IFRS 2 for the most issues submitted to the IFRS
Interpretation Committee (IC). One narrow scope amendment on
measurement has been published and another is due in June (see more
below). Both of these amendments will put further strain on the
definition of 'what is a business' under IFRS 3.
Implementation issues continue to be submitted to the IC; the
staff have a catalogue of issues on classification and measurement.
The IC has published one agenda decision (rejection) on 'other
facts and circumstances', is considering another on the same
topic and has scheduled a further discussion on project entities in
July (a further classification issue).
