The International Accounting Standards Board (IASB) issued a final standard that amends the transition guidance for three standards. The three affected standards are: IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements, and IFRS 12, Disclosure of Interests in Other Entities. The amendments primarily address the initial application of IFRS 10; however, they also require additional disclosures under IFRS 12. The amendments are responsive to requests from some preparers to clarify whether the date of initial application of IFRS 10 is the beginning of the annual reporting period in which IFRS 10 is applied for the first time or the beginning of the earliest period presented in the financial statements (i.e., the beginning of the comparative period).

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