Clarification of the Requirements for Comparative Information (Amendments to IAS 1)

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.