IASB invites comments on proposed amendment to IAS 40 and proposed annual improvements
The International Accounting Standards Board (IASB) today published for public comment two Exposure Drafts. The first covers a proposed narrow-scope amendment to the investment property Standard. The second covers proposed amendments to three other International Financial Reporting Standards (IFRS) as part of the IASB’s annual improvements process.
The IASB has today published the Exposure Draft Transfers of Investment Property (Proposed amendment to IAS 40). This proposes a narrow-scope amendment to IAS 40 Investment Property to clarify the guidance on transfers to, or from, investment properties.
The IASB has a streamlined process for dealing efficiently with issues related to inconsistencies in the application of Standards and where there is a need to clarify the wording in a Standard. This entails combining a collection of proposed narrow-scope amendments into annual improvement cycles and exposing them for public comment collectively.
The Exposure Draft now published for comment is on the Annual Improvements to IFRSs 2014-2016 Cycle, covering proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 12 Disclosure of Interest in Other Entities and IAS 28 Investments in Associates and Joint Ventures.