Improvements to IFRSs – 2015-2017 Cycle

On 12th January 2017, the IASB published its draft Improvements to IFRSs – 2015 - 2017 Cycle.

Keywords: Mazars, Thailand, Improvements to IFRS, IASB, IAS 12, IAS 23, IAS 28

10 March 2017

  • IAS 12 – Income taxes Removal of paragraph 52B – on the obligating event and the recognition of the tax consequences of the distribution of dividends – from the Measurement section (paragraphs 46-56) to the Recognition section (paragraphs 57 et seq.). This reclassification seems logical, and does not alter the fact that the tax consequences of the distribution should only be accounted for at the date the liability for the dividend is recognised, and generally in profit or loss;
  • IAS 23 – Borrowing costs Clarification that when a qualifying asset is complete, an entity treats any outstanding borrowing made specifically to obtain that qualifying asset as part of the funds that it has borrowed for general purposes;
  • IAS 28 – Investments in Associates and Joint Ventures: the Board proposes to clarify that an entity is required to apply IFRS 9, 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.

The draft is available on the IFRS website.

The comment period closes on 12th April 2017.

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