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Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards 2015–2017 Cycle

The Exposure Draft proposes the following amendments:

(1) Amendments to IAS 12 Income Taxes (Topic: Income tax consequences of payments on financial instruments classified as equity)
  To clarify that the requirements in paragraph 52B (i.e. income tax consequences of dividends are linked more directly to past transactions or events than to distributions to owners) apply to all income tax consequences of dividends.
(2) Amendments to IAS 23 Borrowing Costs (Topic: Borrowing costs eligible for capitalisation)
  To clarify that when a qualifying asset is ready for its intended use or sale, an entity treats any outstanding borrowing made specifically to obtain that qualifying asset as part of the funds that it has borrowed generally.
(3) Amendments to IAS 28 Investment in Associates and Joint Ventures (Topic: Long-term interests in an associate or joint venture)
  To clarify that an entity is required to apply IFRS 9 Financial Instruments, including its impairment requirements, to long-term interests in an associate or joint venture that, in substance, form part of the net investment in the associate or joint venture but to which the equity method is not applied.

To download the Exposure Draft, click here.

Invitation to comment

The Exposure Draft is open for comment until 13 March 2017.

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

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