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October 12, 2017

IASB issued amendments to the International Financial Reporting Standards (IFRS) 9 on Financial Instruments and to the International Accounting Standard (IAS) 28 on Investments in Associates and Joint Ventures to aid implementation. IASB also published an example to illustrate the way companies apply the requirements in IFRS 9 and IAS 28 to long-term interests in an associate or joint venture. The amendments are effective from January 01, 2019, with early application permitted.

The amendments to IFRS 9 allow companies to measure particular pre-payable financial assets with the negative compensation at amortized cost or at fair value through other comprehensive income if a specified condition is met—instead of at fair value through profit or loss. The amendments to IAS 28 clarify that companies account for long-term interests in an associate or joint venture—to which the equity method is not applied—using IFRS 9. The IFRS Taxonomy will be updated to reflect the new presentation and disclosure requirements introduced by the amendments to IFRS 9. Consequently, IASB has also published the “Proposed IFRS Taxonomy Update—Prepayment Features with Negative Compensation” for public consultation. The comment deadline is December 11, 2017.

 

Comment Due Date: December 11, 2017

Effective Date: January 01, 2019

Keywords: International, Banking, Accounting, IFRS 9, IAS 28, IFRS Taxonomy, IASB

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