On 17 May 2012, the International Accounting Standards Board (IASB) issued Annual Improvements 2009–2011 Cycle. The amendments have an effective date of 1 January 2013, but earlier adoption is permitted.
About the project
The IASB addressed a request to clarify the requirements for providing comparative information for:
- the comparative requirements for the opening statement of financial position when an entity changes accounting policies, or makes retrospective restatements or reclassifications, in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and
- the requirements for providing comparative information when an entity provides financial statements beyond the minimum comparative information requirements.
