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At its February 2024 meeting, the International Accounting Standards Board (IASB) discussed the feedback on the Exposure Draft Annual Improvements to IFRS Accounting Standards—Volume 11. The IASB tentatively decided to finalise the proposed amendment with no changes.

IASB® Update February 2024

The IASB discussed feedback on its proposed amendment to IFRS 9 Financial Instruments related to derecognition of lease liabilities. The IASB had proposed to amend paragraph 2.1(b)(ii) of IFRS 9 to add a cross-reference to paragraph 3.3.3 of IFRS 9 to resolve potential confusion for a lessee applying the derecognition requirements in the Standard. The IASB also proposed that a lessee be required to apply the amendment to paragraph 2.1(b)(ii) of the Standard to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the lessee first applies the amendment.

The IASB tentatively decided to proceed with the proposed amendments.

All 14 IASB members agreed with this decision.

Next milestone

Final Amendment