Recent reports have re-iterated concerns that global adoption of IFRS depends on US endorsement. Despite recent agreements between the IASB and the FASB on a approach to lease accounting, the US has yet to make a decision. G20 have recently been urged by IFAC to join the IFRS debate and to demonstrate their support for global adoption. On a more positive note, the Pan African Federation of Accountants has decided to adopt IFRS. The IASB has, however, been engaged in a significant amount of activity this quarter, issuing amendment to 5 IFRS while proposing amendments to a further 11 IFRS.
Amendments include: IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34. Subject to local endorsement, the amendments are effective for annual period beginning on or after 1 January 2013. Early application is permitted.
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