IASB proposes amendments to 3 IFRS standards

By Neil Amato

The International Accounting Standards Board (IASB) proposed amendments Thursday to three IFRS standards as part of the board’s annual improvements process.

The IASB is proposing amendments to standards related to income taxes, borrowing costs, and investments in associates and joint ventures.

The proposed amendments are:

  • International Accounting Standard (IAS) 12, Income Taxes. The board’s proposed change clarifies that an entity should account for all income tax consequences of dividends in the same way, regardless of how the tax arises.
  • IAS 23, Borrowing Costs. The board’s proposed change clarifies which borrowing costs are eligible for capitalization as part of the cost of an asset in particular circumstances.
  • IAS 28, Investments in Associates and Joint Ventures. The board’s proposed change clarifies 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 deadline for comments on the exposure draft is April 12. Comments can be made on the IASB website.

Neil Amato (Neil.Amato@aicpa-cima.com) is a JofA senior editor.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.