IFRS 7 — Applicability of the Amendments to IFRS 7 to condensed interim financial statements

Date recorded:

The project manager passed on a recommendation from the IFRS Interpretations Committee that the IASB should propose an amendment to IFRS 7 Financial Instruments: Disclosures to clarify that the additional disclosure on offsetting financial assets and financial liabilities required by the amendments of IFRS 7 is not required in condensed interim financial statements for all interim periods unless its inclusion would be required by IAS 34 Interim Financial Reporting.

The project manager asked the Board if they agreed with the recommendation by the Interpretations Committee.

One Board member said that the IASB has already provided their conclusion that it does not need to be disclosed unless required by IAS 34 and that this should be sufficient. She did not see the need to hold up the process by issuing another amendment which could also lead to confusion with regard to the different versions of IFRS 7 that will then be present. Also, this would be a question of cost-benefit.

Other Board members said that providing the conclusion but not amending the Standard could lead to diversity in practice and that an amendment of the Standard is inevitable.

The Board concluded to follow the Committee’s recommendation to amend IFRS 7.

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