United States

IASB issues minor changes to IFRS

FINANCIAL REPORTING INSIGHTS  | 

The International Accounting Standards Board (IASB) recently issued several minor amendments to International Financial Reporting Standards (IFRS), which are summarized as follows:

  • IFRIC Interpretation 22, Foreign Currency Transactions and Advance Consideration – This Interpretation addresses the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency. The Interpretation is effective January 1, 2018.
  • Transfers of Investment Property – These amendments to International Accounting Standard (IAS) 40, Investment Property, clarify the requirements on transfers to, or from, investment property and are effective January 1, 2018.
  • Annual Improvements to IFRS Standards 2014 – 2016 Cycle – These include minor amendments that clarify, correct or remove redundant wording in the following standards:
    • IFRS 12, Disclosure of Interests in Other Entities
    • IFRS 1, First-time Adoption of International Financial Reporting Standards
    • IAS 28, Investments in Associates and Joint Ventures