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IASB Exposure Draft ED/2019/2 Annual Improvements to IFRS® Standards 2018–2020

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to four IFRS Standards as part of its maintenance and improvements of the Standards.

Annual improvements are limited to changes that either clarify the wording in an IFRS Standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the Standards.

Matters dealt with through annual improvements often arise from questions submitted to the IFRS Interpretations Committee.

The four proposed amendments included in the annual improvements consultation document are:

Standard

Proposed amendment

IFRS 1 First-time Adoption of International Financial Reporting Standards

Simplify the application of IFRS 1 by a subsidiary that becomes a first-time adopter of IFRS Standards after its parent company has already adopted them. The proposed amendment relates to the measurement of cumulative translation differences.  

IFRS 9 Financial Instruments

Clarify the fees a company includes in assessing the terms of a new or modified financial liability to determine whether to derecognise a financial liability.

Illustrative Examples accompanying IFRS 16 Leases

Remove the potential for confusion regarding lease incentives by amending an Illustrative Example accompanying IFRS 16.

IAS 41 Agriculture

Align the fair value measurement requirements in IAS 41 with those in other IFRS Standards.


To download the Exposure Draft, click here.

Invitation to comment

The Exposure Draft is open for comment until 19 July 2019.

You may provide your comments online or email us at technical@masb.org.my.