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Annual Improvements to IFRSs 2017-2019 Cycle [Research]

Next steps:

The IASB ex­pects to is­sue an Ex­po­sure Draft in respect of this project but the tim­ing de­pends on the iden­ti­fi­ca­tion of other mat­ters for in­clu­sion in the an­nual im­prove­ments process.

Last updated:

January 2018

Overview

This pro­ject tracks de­vel­op­ments in the an­nual im­prove­ments process for the 2017-2019 cy­cle. The is­sues in­cluded in this cy­cle to date are:

IFRS 1, First-time Adoption of International Financial Reporting Standards

The proposal would require a subsidiary that measures its assets and liabilities at its date of transition to IFRS Standards using the amounts reported by its parent to also measure cumulative translation differences using the amounts reported by its parent.

IFRS 9, Financial Instruments

Fees included in the '10 per cent' test for the purpose of derecognition

The issue relates to the requirements in IAS 39 and IFRS 9 as to which fees and costs should be included in the ‘10 per cent’ test for the purpose of derecognition of a financial liability.

IAS 41, Agriculture

The proposal would remove the requirement for entities to exclude cash flows for taxation when measuring the fair value of biological assets using a present value technique.

 

Other Developments

June 2017

In June 2017, the IASB staff up­dated the work plan to in­di­cate that the IASB ex­pects to is­sue an Ex­po­sure Draft in respect of this project but the tim­ing de­pends on the iden­ti­fi­ca­tion of other mat­ters for in­clu­sion in the an­nual im­prove­ments process.

 

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