The International Accounting Standards Board (IASB) has published for comment ED/2013/11 an Exposure Draft of five proposed amendments to four International Financial Reporting Standards (IFRSs) under its annual improvements project.
The proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2012. The subject of each amendment is summarised in the table below.
Once finalised, the amendments will apply to Tier 1 and Tier 2 for-profit entities.
Table: Proposed Amendments - Exposure Draft: Annual Improvements to IFRSs 2012-2014 Cycle.
|Standard||Subject of amendment|
|IFRS 5 Non-current Assets Held for Sale and Discontinued Operations||Changes in methods of disposal|
|IFRS 7 Financial Instruments: Disclosures||Servicing contracts|
Applicability of the amendments to IFRS 7 to condensed interim financial statements
|IAS 19 Employee Benefits||
Discount rate: regional market issue
|IAS 34 Interim Financial Reporting||
Disclosure of information ‘elsewhere in the interim report'
Click here for IASB Exposure Draft ED/2013/11.
Comments are due to the NZASB by 7 March 2014 and to the IASB by 13 March 2014.
Comments, both formal and informal, can be made to the New Zealand Accounting Standards Board (NZASB) addressed to the Chief Executive, External Reporting Board, PO Box 11250, Manners Street Central, Wellington 6142, or by email to email@example.com. Comments can also be made electronically to the IASB through its website (www.ifrs.org), using the ‘Comment on a proposal’ page located via the ‘Get Involved’ tab. The NZASB would appreciate copies of submissions made directly to the IASB.
It would be appreciated if respondents send their comments in electronic form (PDF and Microsoft Word formats) as it allows for efficient collation and analysis of comments. All comments will ultimately be posted on the XRB website unless respondents indicate that they wish their comments to remain confidential.