IASB postpones changes to IFRS 10 and IAS 28

Financial Reporting Standards

December 18, 2015

The IASB has postponed the effective date of its 2014 Amendments ‘Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28’.  A new effective date has not yet been determined.  Despite this change, the 2015 Amendments may still be adopted early if entities wish to do so.

P&A Grant Thornton view:

We agree with the proposal to defer the effective date of the 2014 Amendments. We believe it does not make sense to require entities to change the way they apply IAS 28 now if further amendments are likely to arise from the IASB's research project on the equity method of accounting in the near future.

See attached Accounting Alert for the details of this development.

Questions about this communication should be referred to Mabel Comedia, Sonny Lalunio or Jerald Sanchez