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.

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