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IASB issues amendments and new IFRIC interpretation

  • IASB document Image

Dec 09, 2016

The IASB has issued “Transfers of Investment Property (Amendments to IAS 40)”; “Annual Improvements to IFRS Standards 2014–2016 Cycle”; and IFRIC Interpretation 22, “Foreign Currency Transactions and Advance Consideration.”

Amendments to IAS 40

The revisions to IAS 40 would clarify the standard’s guidance on transfers of property to or from investment property. The amendments are effective for periods beginning on or after January 1, 2018. Early application is permitted.

Annual improvements to IFRSs

The IASB amended three IFRSs as part of its annual improvements project: IFRS 1, First-time Adoption of International Financial Reporting Standards; IFRS 12, Disclosure of Interest in Other Entities; and IAS 28, Investments in Associates.


IFRIC 22 would clarify the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The new guidance is effective for annual reporting periods beginning on or after January 1, 2018. Early application is permitted.

For more information, see the press release on the IASB’s Web site.

Correction list for hyphenation

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