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FYI Article – Narrow-scope Amendments: Improving IFRSs

  • IFRS - AcSB Image

Mar 04, 2015

On March 4, 2015, the Accounting Standards Board issued an article that explains what a narrow-scope amendment is and provides information on those issued and under development.

The International Accounting Standards Board (IASB) issued three significant new standards in 2014 – IFRS 9, Financial Instruments, IFRS 14, Regulatory Deferral Accounts and IFRS 15, Revenue from Contracts with Customers. However, these are not all the changes to International Financial Reporting Standards in 2014. The IASB also has two processes to issue minor amendments to standards:

  • Annual improvements, which clarify the wording of a standard or correct relatively minor unintended consequences, oversights or conflicts between existing requirements of standards.
  • Narrow-scope amendments, which address concerns about a specific aspect of a standard that do not meet the criteria for inclusion in annual improvements. Unlike annual improvements, a separate exposure draft is issued by the IASB for each narrow-scope amendment.

Read the article.

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