Need to know — IASB publishes package of narrow-scope amendments to IFRS Standards
Published on:
21 May, 2020
This Need to know addresses the recent package of narrow-scope amendments to IFRS Standards that was published by the IASB on 14 May 2020. The individual amendments include:
- Reference to the Conceptual Framework, which amends IFRS 3 Business Combinations (link to news item);
- Property, Plant and Equipment — Proceeds before Intended Use, which amends IAS 16 Property, Plant and Equipment (link to news item);
- Onerous Contracts — Cost of Fulfilling a Contract, which amends IAS 37 Provisions, Contingent Liabilities and Contingent Assets (link to news item); and
- Annual Improvements to IFRS Standards 2018–2020 (link to news item).
Related Topics
- Conceptual Framework for Financial Reporting 2018
- IAS 16 — Property, Plant and Equipment
- IAS 37 — Provisions, Contingent Liabilities and Contingent Assets
- IAS 41 — Agriculture
- IFRS 1 — First-time Adoption of International Financial Reporting Standards
- IFRS 3 — Business Combinations
- IFRS 9 — Financial Instruments
- IFRS 16 — Leases
- IFRIC 21 — Levies