19 November 2015
The
International Accounting Standards Board (IASB) today published for
public comment two Exposure Drafts. The first covers a proposed
narrow-scope amendment to the investment property Standard. The
second covers proposed amendments to three other International Financial
Reporting Standards (IFRS) as part of the IASB’s annual improvements
process.
The IASB has today published the Exposure Draft Transfers of Investment Property (Proposed amendment to IAS 40). This proposes a narrow-scope amendment to IAS 40 Investment Property to clarify the guidance on transfers to, or from, investment properties.
The proposals are open for public comment until 18 March 2016. The Exposure Draft can be accessed here.
The IASB has a streamlined process for dealing efficiently with issues
related to inconsistencies in the application of Standards and where
there is a need to clarify the wording in a Standard. This entails
combining a collection of proposed narrow-scope amendments into annual
improvement cycles and exposing them for public comment collectively.
The Exposure Draft now published for comment is on the Annual Improvements to IFRSs 2014-2016 Cycle, covering proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 12 Disclosure of Interest in Other Entities and IAS 28 Investments in Associates and Joint Ventures.
The proposals are open for public comment until 17 February 2016. The Exposure Draft can be accessed here.