IASB Consultation on Annual Improvements to IFRS® Standards 2018–2020

  • For-profit

Tier 1 and Tier 2

The International Accounting Standards Board (IASB) has recently issued for comment ED/2019/2 Annual Improvements to IFRS® Standards 2018–2020.

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 de-recognise 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.


Accessing the Consultation Document

Commenting on the Proposal

The XRB Board is committed to adopting international standards in the for-profit sector.  Generally, once a standard has been issued by the IASB, the NZASB then issues the New Zealand equivalent standard without further consultation.

Comments are due to the NZASB by 22 July 2019 and to the IASB by 20 August 2019

Send your comments—both formal and informal— to the NZASB using the secure upload form below. 

We also encourage you to send comments directly to the IASB, with a copy to the NZASB. Your comments can be made electronically to the IASB website by clicking on the following link https://www.ifrs.org/projects/open-for-comment/. First-time users must register with IASB to submit electronically.

Upload your submission here

Please use this secure online form.

It has been designed to make your upload safe, quick and easy. 

You can:

  • Upload an MS Word document (and a PDF file, if you wish); or
  • Write your comments below in the space provided.

You can upload up to TWO documents. 

Please note:

  • We would appreciate receiving a copy of your comments in electronic form (preferably Microsoft Word format).  This helps us to more efficiently collate and analyse comments. Please also specify the exposure draft number and title in your electronic file. 

  • Tell us on whose behalf you are making the comments (for example on behalf of a group or an entity).

  • We intend publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.

  • If you have an objection to the release of any information contained in your comments, we would appreciate you identifying the parts of your comments to be withheld, and the grounds under the Official Information Act 1982 for doing so (for example, that it would be likely to unfairly prejudice the commercial position of the person providing the information).