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.

FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.