IFRS 7 — Servicing contracts
Date recorded:
In September 2013, the IFRS Interpretations Committee recommended to the IASB that it should propose an amendment to IFRS 7 Financial Instruments: Disclosures through the annual improvements project. The proposed amendment would clarify how the entity should decide whether servicing rights and obligations are continuing involvement for the purposes of the disclosure requirements in paragraphs 42A-42H of IFRS 7.
The project manager briefly recaptured the amendments and asked the Board if they agree to amend IFRS 7 and, if yes, if they agree with the transition relief.
The IASB agreed with the amendment and the transition relief.
