The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards.
As explained in the IFRS Foundation’s Due Process Handbook, annual improvements are limited to changes that either clarify the wording in an IFRS Accounting Standard, or correct relatively minor unintended consequences, oversights or conflicts between requirements of the Accounting Standards. These proposed improvements are packaged together in one document.
The proposed amendments included in the Exposure Draft Annual Improvements to IFRS Accounting Standards—Volume 11 relate to:
- IFRS 1 First-time Adoption of International Financial Reporting Standards—hedge accounting by a first-time adopter;
- IFRS 7 Financial Instruments: Disclosures—gain or loss on derecognition;
- Guidance on implementing IFRS 7:
- IFRS 9 Financial Instruments:
- IFRS 10 Consolidated Financial Statements—determination of a ‘de facto agent’; and
- IAS 7 Statement of Cash Flows—cost method.
Access the Exposure Draft below.
The comment letter period is open until 11 December 2023.
Please note that respondents may submit a single comment letter for the proposals in the Exposure Draft. Respondents need not comment on all the proposals.
