Long-term Interests in Associates and Joint Ventures - IASB

Date recorded:

At its meeting on May 16, 2017, the IASB tentatively decided to finalize the proposed amendments to IAS 28 and to clarify in IAS 28 that: (i) an entity applies the requirements in IFRS 9 to long-term interests before applying the loss allocation and impairment requirements in IAS 28; and (ii) in applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long-term interests that result from the application of IAS 28.

In addition, the Board tentatively decided to set an effective date of January 1, 2019, with earlier application permitted.

The Board will discuss due process steps and transition requirements for first-time adopters at a future meeting.

Review the IASB Update and podcast on the IASB's Web site.

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