Annual IFRS review

2008 International Reporting Standards Update by Ernst & Young

Ernst & Young has issued an annual roundup of IFRS developments, Standards and Interpretations that with affect IFRS reporting in 2008 and 2009. It is a useful review. However, it just covers the key points and is not intended to be a substitute for the reading of the Standards and Interpretations themselves.

The publication covers:

1. New and amended standards and interpretations that must be applied to financial years ending December 2008.
2. New and amended interpretations that must be applied to financial years ending December 2009 although entities may elect to apply some of these in an earlier period.
3. New and amended standards and interpretations issued that are effective subsequent to December 2009 year ends although the entities may elect to apply some of these in an earlier period.
4. Items not taken on to the IFRIC Agenda when the reason for the rejection provides some accounting guidance that assists in the interpretation and application of IFRS.
5. Exposure Drafts of new and amended standards and interpretations that are expected to be issued as standards and interpretations in future.

When you read this publication you get the message that there are a lot of developments at the IASB. An important part of your conversion plan is to track the developments that apply to you. You should learn how the IASB conducts its standards setting process and make it a regular part of your routine to check in on developments that may affect your business.