Publication of Amendments to IAS 1 & Annual Draft

In June, the IASB was once again busy, with the publication of amendments to IAS 1, the standard IAS 19R and the fourth annual improvements exposure draft (after a pause in 2010).

Keywords: Thailand, IFRS, International Accounting Standards Board, IASB, IAS 1, IAS 19R

The IASB also announced the publication of a second exposure draft on the revenue recognition project, so that the definitive standard is now expected in 2012, though no precise date has been given. Finally, the impairment proposals in the IFRS 9 project will be the subject of a fresh call for comments.

Transfer of Power at the IASB

Hans Hoogervorst officially took up his post as Chairman of the IASB on 1 July 2011. He succeeds Sir David Tweedie, who occupied this post during a ten year period which saw the adoption of IFRS by more than 100 countries.