This PWC publication is a practical guide to the new IFRS standards and interpretations that come into effect in 2010. For three years there was little change to the body of IFRSs since European listed groups were required to apply the standards in 2005. The Board issued new standards that took effect in 2009; for 2010 there are a number of significant changes that will impact companies. These changes include new standards and interpretations, and amendments to existing requirements.
This is one of the problems with the IFRS - the IFRS standards in many ways are subject to interpretation, which means that each country and even each company has an ability to develop their own interpretations of the IFRS standards. Further, to add icing on the cake, the IFRS standards are not yet finalized, they are a moving target. So the companies might reach a consensus on a standard as it is written today, but these standards might change by the time the company actually adopts the accounting standards. Hence, for the implementation of the accounting standards suggest that all the companies operating in the same economic sector should brainstorm the issues together and reach a consensus as to the interpretation of the IFRS standards that they collectively intend to follow.
Click here to see this PWC publication:
A_practical_guide_to_new_IFRSs_for_2010 (PDF – 49 pages)
[Reference: PWC website and the above guide]