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ARTICLE · 16 APRIL 2013

On The Horizon For IFRS - April 5, 2013

Grant Thornton LLP
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A discussion on the highlights of the IASB March 2013 meeting.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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IASB-only meeting March 2013

IASB issues March 2013 IASB-only meeting highlights

Key issues

At the March 2013 IASB-only meeting the following issues were discussed:

  • Agriculture: bearer biological assets: The IASB concluded that it had met the due process requirements for the proposed amendments to IAS 16, Property, Plant and Equipment and IAS 41, Agriculture and asked the staff to begin the balloting process for the Exposure Draft. The IASB plans to publish the Exposure Draft in Q2-2013 with a comment period of 120 days.

  • Annual Improvements 2010–2012: The IASB discussed two of the eleven proposals from the Exposure Draft, Annual Improvements to IFRSs 2010–2012 Cycle that was published in May 2012. On the basis of the comments received from respondents and the recommendations of the IFRS Interpretations Committee, the IASB reached certain tentative decisions on the following:

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