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 QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.