International Accounting Standards Board proposes annual improvements to four IFRS Standards
The International Accounting Standards Board (Board) has published proposed narrow-scope amendments to four IFRS Standards as part of its maintenance and improvements of the Standards.
Annual improvements are limited to changes that either clarify the wording in an IFRS Standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the Standards.
Matters dealt with through annual improvements often arise from questions submitted to the IFRS Interpretations Committee.
The four proposed amendments included in this year’s annual improvements consultation document are:
| Standard | Proposed amendment |
|---|---|
| IFRS 1 First-time Adoption of International Financial Reporting Standards | Simplify the application of IFRS 1 by a subsidiary that becomes a first-time adopter of IFRS Standards after its parent company has already adopted them. The proposed amendment relates to the measurement of cumulative translation differences. |
| IFRS 9 Financial Instruments | Clarify the fees a company includes in assessing the terms of a new or modified financial liability to determine whether to derecognise a financial liability. |
| Illustrative Examples accompanying IFRS 16 Leases | Remove the potential for confusion regarding lease incentives by amending an Illustrative Example accompanying IFRS 16. |
| IAS 41 Agriculture | Align the fair value measurement requirements in IAS 41 with those in other IFRS Standards. |
Access the Exposure Draft Annual Improvements 2018–2020.
Submit your comments to our latest comment letter pages.
The comment deadline is 20 August 2019.
Form 26 to replace Form 3CD of tax audit report from Tax Year 2026-27 Draft Form 26 has been issued…
When AO do not make any addition on the basis of the reasons on which the reopening was done, the…
Under MV Act separate compensation can not be granted under the head “loss of love and affection” – Supreme Court…
Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a…
Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon'ble Supreme…
Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause…