ARTICLE · 28 DECEMBER 2009

Improving IFRS

Smith & Williamson

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In April, 15 amendments to 12 standards (10 IFRSs and 2 IFRICs) were published. Below we consider four of the changes and, while the application dates of the amendments arising from the entire project vary, all of these are effective for periods beginning 1January 2010 with early adoption being permitted.

United KingdomAccounting and Audit

In April, 15 amendments to 12 standards (10 IFRSs and 2 IFRICs) were published. Below we consider four of the changes and, while the application dates of the amendments arising from the entire project vary, all of these are effective for periods beginning 1 January 2010 with early adoption being permitted.

IAS 17 'Leases'

Under the amendment, a lease of land with an indefinite economic life is no longer required to be classified as an operating lease. It can now be classified as a finance lease even if at the end of the lease term the title will not pass to the lessee. The reason for this change is that the IASB considers that substantially all the risks and rewards of ownership are transferred to the lessee and the present value of the residual value of the leased asset is negligible. Where the amendment results in a lease being reclassified as a finance lease, it should be applied retrospectively. This will most probably be for those leases of both land and

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