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The International Accounting Standards Board (Board) has today published proposed narrow-scope amendments to four IFRS Standards as part of its maintenance and improvements of the Standards.

Annual improvements are limited to changes that either clarify the wording in an IFRS Standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the Standards.

Matters dealt with through annual improvements often arise from questions submitted to the IFRS Interpretations Committee.

The four proposed amendments included in this year’s annual improvements consultation document are:

Standard Proposed amendment
IFRS 1 First-time Adoption of International Financial Reporting Standards Simplify the application of IFRS 1 by a subsidiary that becomes a first-time adopter of IFRS Standards after its parent company has already adopted them. The proposed amendment relates to the measurement of cumulative translation differences.  
IFRS 9 Financial Instruments Clarify the fees a company includes in assessing the terms of a new or modified financial liability to determine whether to derecognise a financial liability.
Illustrative Examples accompanying IFRS 16 Leases
Remove the potential for confusion regarding lease incentives by amending an Illustrative Example accompanying IFRS 16.
IAS 41 Agriculture
Align the fair value measurement requirements in IAS 41 with those in other IFRS Standards.

Access the Exposure Draft Annual Improvements 2018–2020.

Submit your comments to our latest comment letter pages.

The comment deadline is 20 August 2019.