New BDO IFR Bulletin Available – ED 2017/1 Annual Improvements to IFRSs 2015-2017 Cycle

Now available from the BDO Global website is a new BDO IFR Bulletin.

IFRB 2017/04 – ED 2017/1 Annual Improvements to IFRSs 2015-2017 Cycle

Summary

On 12 January 2017, the International Accounting and Standards Board (IASB) published Exposure Draft 2017/1 Annual Improvements to IFRSs 2015 – 2017 Cycle (the ED).

The ED proposes to amend:

• IAS 12 Income Taxes to clarify when the tax consequences should be recognised in the income;
• IAS 12 Borrowing Costs to clarify when borrowings previously designated as financing specific assets should be considered part of the general borrowings pool for the purpose of calculating a capitalisation rate; and
• IAS 28 Investments in Associates and Joint Ventures to clarify how the impairment requirements of IFRS 9 Financial Instruments should be applied to other long term interests in investments to which the equity method has been applied.

This IFRB summarises further the proposals in the ED.

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