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We comment on the proposals for amendments under the IASB's annual improvements project (cycle 2012–2014)

  • Deloitte Comment Letter Image

Mar 10, 2014

We have published our comment letter on the IASB's exposure draft ED/2013/11, "Annual Improvements to IFRSs 2012–2014 Cycle," published in December 2013. We continue to believe that the annual improvements project is an efficient and effective means of dealing with isolated issues within IFRSs that are leading to divergent practice. However, regarding the 2012–2014 cycle of annual improvements, we are concerned by the proposed amendments to three of the four standards concerned.

We question whether disclosure of market rate servicing contracts is consistent with the purpose of the 2010 amendments to IFRS 7, Financial Instruments: Disclosures, and whether it will provide valuable information to users. We also believe that the issue of discount rates on defined benefit obligations should be considered more thoroughly; the proposed amendment to IAS 19, Employee Benefits, may not be appropriate for all jurisdictions. Lastly, we recommend that the Board liaise with the International Auditing and Assurance Standards Board (IAASB) before finalizing the amendment to IAS 34, Interim Financial Reporting, to ensure that no conflict between accounting and assurance standards arises.

Please click for:

  • Our summary of the proposed amendments under the IASB's annual improvements project (cycle 2012–2014).
  • Our comment letter to the IASB.

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