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21 May 2019

IASB proposes annual improvements to IFRS

The IASB has published proposed narrow-scope amendments to four IFRS Standards (IFRS 1, IFRS 9, IFRS 16, IAS 41) as part of its maintenance and improvements of the Standards.

The four proposed amendments included in this year’s annual improvements consultation document are:

IFRS First-time Adoption of International Financial Reporting Standards

Simplify the application of IFRS 1 by a subsidiary that becomes a first-time adopter of IFRS Standards after its parent company has already adopted them. The proposed amendment relates to the measurement of cumulative translation differences. 

IFRS Financial Instruments

Clarify the fees a company includes in assessing the terms of a new or modified financial liability to determine whether to derecognise a financial liability.

Illustrative Examples accompanying IFRS 16 Leases

Remove the potential for confusion regarding lease incentives by amending an Illustrative Example accompanying IFRS 16.

IAS 41 Agriculture

Align the fair value measurement requirements in IAS 41 with those in other IFRS Standards.

Comments to be received by 20 August 2019.

Full press release

Full ED

© IASB - International Accounting Standards Board

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