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IASB proposes changes to IFRSs as part of annual improvements process

  • IASB document Image

Jan 12, 2017

The IASB has published an exposure draft (ED), “Annual Improvements to IFRS Standards 2015–2017 Cycle.”

The ED proposes amendments to three IFRSs:

  • IAS 12, Income Taxes — These amendments would “clarify that the requirements in paragraph 52B of IAS 12 apply not just in the circumstances described in paragraph 52A of IAS 12, but to all income tax consequences of dividends.”
  • IAS 23, Borrowing Costs — Paragraph 14 would be amended “to clarify that when a qualifying asset is ready for its intended use or sale, an entity treats any outstanding borrowing made specifically to obtain that qualifying asset as part of the funds that it has borrowed generally.”
  • IAS 28, Investments in Associates and Joint Ventures — These amendments would “clarify that an entity is required to apply IFRS 9 Financial Instruments, including its impairment requirements, to long-term interests in an associate or joint venture that, in substance, form part of the net investment in the associate or joint venture but to which the equity method is not applied.”

Comments on the ED are due by April 12, 2017. For more information, see the press release and ED on the IASB’s Web site.

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