The International Accounting Standards Board (IASB) has issued its exposure draft, Annual Improvements to IFRS Standards 2015-2017 Cycle, proposing amendments to three standards as part of its annual improvements process. The exposure draft includes proposed amendments to International Accounting Standard (IAS) 12, Income Taxes; IAS 23, Borrowing Costs; and IAS 28, Investments in Associates and Joint Ventures. Comments are due by 12 April 2017.
The proposed amendments clarify the following:
- IAS 12, that an entity should account for all income tax consequences of dividends in the same way, regardless of how the tax arises
- IAS 23, which borrowing costs are eligible for capitalisation as part of the cost of an asset in particular circumstances
- IAS 28, that an entity should apply IFRS 9 Financial Instruments to long-term interests in an associate or joint venture to which it does not apply the equity method.
The Exposure Draft is available on this link.
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