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ARTICLE · 23 NOVEMBER 2012

On The Horizon For IFRS - November 10, 2011

Grant Thornton LLP
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IASB issues October 2011 joint IASB / FASB meeting highlights.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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IASB issues October 2011 joint IASB / FASB meeting highlights

Key issues

At the October 2011 joint IASB / FASB meeting the following issues were discussed:

Annual Improvements: The IASB tentatively decided to include two proposed amendments within the next Improvements to IFRSs exposure draft:

  • The first proposed amendment would remove perceived inconsistencies related to the guidance in IFRS 3, Business Combinations, for contingent consideration in a business combination.
  • The second proposed amendment would clarify an October 2010 amendment to IFRS 9, Financial Instruments that resulted from IFRS 13, Fair Value Measurement.

Financial instruments ‒ Amortized cost and impairment of financial assets: The Boards decided to pursue an impairment model that reflects the deterioration in the credit quality of financial assets, and asked the staff to develop principles for the measurement attribute of the credit allowance in the origination category, and a

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