Deloitte comment letter on annual improvements to IFRSs
Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Exposure Draft ED/2012/1 — Annual improvements to IFRSs 2010–2012 cycle.
In the comment letter, we express our agreement with most of the proposed amendments in the 2010–2012 cycle of annual improvements, but also note that there are more effective ways in which the issues could be resolved. Examples include:
We also recommend that the proposed amendments to IFRS 8 requiring disclosures about the basis of aggregation should not be finalised until the post-implementation review of IFRS 8 is complete. Similarly, we also suggest that the proposed amendments to IAS 7 specifying the classification of payments of interest capitalized in accordance with IAS 23 should not be finalised because of the ongoing IFRS Interpretations Committee project on the classification of various items in the statement of cash flows.