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IASB defers the effective date of September 2014 amendments to IFRS 10 and IAS 28

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17 Dec 2015

The International Accounting Standards Board (IASB) has published final amendments to IFRS 10 'Consolidated Financial Statements' and IAS 28 'Investments in Associates and Joint Ventures'. The amendments defer the effective date of the September 2014 amendments to these standards indefinitely until the research project on the equity method has been concluded.

 

Background

On 11 September 2014, the IASB issued Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) as result of the work on one of the issues in relation to the transfers of assets between an investor and its associates or joint ventures the IASB was considering. Among the issues that were also considered at that time was the elimination of gains or losses arising from transactions between an entity and its associate or joint venture where an exposure draft (ED) had been announced for November 2014 but was never published. A second attempt at progressing with the issues in the November ED was undertaken in February 2015, now combined with addressing an identified conflict of the September 2014 amendments with IAS 28. However, in June 2015 the IASB decided that it wants to deal with the issues in the February ED more comprehensively as part of its research project on the equity method of accounting. To avoid that entities would need to change the way in which they apply IAS 28 twice in a short period of time the IASB decided to defer the effective date of the September 2014 amendments until it has finalised amendments, if any, that result from the research project on the equity method.

 

Changes

The amendments in Effective Date of Amendments to IFRS 10 and IAS 28 defer the effective date of the September 2014 amendments to these standards indefinitely until the research project on the equity method has been concluded. Earlier application of the September 2014 amendments continues to be permitted.

 

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