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ARTICLE · 22 JANUARY 2013

On The Horizon For IFRS - January 15, 2013

Grant Thornton LLP
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The IFRS Interpretations Committee has issued the November 2012 IFRIC Update, which summarizes the deliberations during its meeting in London on November 13-14, 2012, and the highlights of the meetings are discussed below.

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Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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IFRIC meeting November 2012

Introduction

All decisions reached at IFRS Interpretations Committee (IFRIC or the Committee) meetings are tentative and may be changed or modified at future meetings. Committee decisions become final only after completion of a formal vote on an Interpretation or Draft Interpretation, which is confirmed by the IASB.

The IFRS Interpretations Committee has issued the November 2012 IFRIC Update, which summarizes the deliberations during its meeting in London on November 13-14, 2012. Highlights of the meeting are discussed below.

Key IFRIC issues

  • Current agenda:
  • IAS 1, Presentation of Financial Statements ‒ disclosures about going concern. The Committee discussed the timing and content for disclosing material uncertainties related to an entity's ability to continue as a going concern and tentatively decided that those issues should be addressed in a narrow-focused amendment to IAS 1.

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