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Improvements Project

Date recorded:

IASB Meeting

  • First-Time Application of IAS will be carved out as a separate agenda project (see description Above.
  • Limited revisions to IAS 39 will be carved out as a separate agenda project. This project will include improvements to IAS 32 and IAS 21 as well.
  • Elimination of the following alternatives will be considered:
    • IAS 2 choice of FIFO and LIFO,
    • IAS 8 choice of benchmark vs. allowed alternatives for changes in accounting policies and fundamental errors,
    • IAS 17 option to expense or allocate initial direct cost on operating leases of the lessor,
    • IAS 21 option whether to expense or capitalise exchange losses in certain severe devaluation situations (SIC 11 also is relevant),
    • IAS 21 option to translate goodwill using closing rate or historical rate,
    • IAS 23 option to expense or capitalise borrowing costs,
    • IAS 27 and IAS 28 choices of of cost, equity method, or available-for-sale under IAS 39 for investments in subsidiaries and associates in the parent's/investor's separate financial statements.
    • IAS 31 option to account for joint ventures using proportionate consolidation or the equity method.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.