Topics covered:
- Annual Improvements to IFRS 2014-2016 Cycle
The International Accounting Standards Board (IASB) has published 'Annual Improvements to International Financial Reporting Standards (IFRS) 2014-2016 Cycle' which addresses non-urgent (but necessary) minor amendments to three standards.
This publication is a collection of amendments to IFRS resulting from issues that were discussed by the IASB during the project cycle for making annual improvements that began in 2014 and which were included in an Exposure Draft published in November 2015. The IASB uses the Annual Improvements process to make necessary, but non-urgent, amendments to IFRS that will not be included as part of any other project. By presenting the amendments in a single document rather than as a series of piecemeal changes, the IASB aims to ease the burden of change for all concerned.
- Transfers of Investment Property
The IASB has published 'Transfers of Investment Property (Amendments to IAS 40)' which clarifies that transfers to, or from, investment property are required when, and only when, there is a change in use of property supported by evidence.
- IFRIC 22, Foreign Currency Transactions and Advance Consideration
The IFRS Interpretation Committee (IFRIC) has issued 'IFRIC 22, Foreign Currency Transactions and Advance Consideration.' It looks at what exchange rate to use for translation when payments are made or received in advance of the related asset, expense or income.
See attached Accounting Alert for the details of these developments.
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