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Recently, the International Accounting Standards Board (IASB) issued proposed narrow-scope amendments to the IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards.

These annual improvements are limited to the changes that either clarify certain wordings/meanings or correct relatively minor oversights or conflicts between the requirements of Accounting Standards. The proposed amendments included in the Exposure Draft (ED) – Annual improvements to IFRS Accounting Standards – Volume 11 relate to:

  • IFRS 1, First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter
  • IFRS 7, Financial Instruments: Disclosures-Gain or loss on derecognition
  • Guidance on implementing IFRS 7: Introduction, disclosure of deferred difference between fair value and transaction price and credit risk disclosures
  • IFRS 9, Financial Instruments: Derecognition of lease liabilities and transaction price
  • IFRS 10, Consolidated Financial Statements: Determination of a ‘de facto agent’, and
  • IAS 7, Statement of Cash Flows: Cost method.

The ED is open for comments up to 11 December 2023.

To access the text of the ED, please click here

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