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IASB Request for views: Effective Dates and Transition Methods


On 19 October 2010 the International Accounting Standards Board (IASB) published a Request for Views to gather views from interested parties about the time and effort that will be involved in adapting to the several new International Financial Reporting Standards (IFRSs) it expects to issue next year and about when those IFRSs should become effective. The IASB will use that information to develop an implementation plan for those new IFRSs that helps interested parties to manage the pace and cost of change.

On 31 January 2011, EFRAG issued its final comment letter distinguishing between two groups of standards. EFRAG believes that the standards resulting from the projects on Revenue from Contracts with Customers, Leases, Insurance Contracts, Financial Instruments (IFRS 9) and Fair Value Measurement should have a single effective date of 1 January 2015, at the earliest. For the other standards, the effective date could be considered on a case-by-case basis. The IASB analised the responses in February 2011 and decided to consider the effective date when the respective standards are issued.

In April 2011, the IASB and FASB staff surveyed users on whether or how to sequence effective dates for a number of projects that are due to be completed during 2011.

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