Document icon

Annual Improvements to IFRS Standards 2018–2020

Description

On 21 May 2019, the IASB issued the ED/2019/02 Annual Improvements to IFRS Standards 2018-2020 Cycle. The ED proposed the amendments to:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards. Subsidiary as a first-time adopter;
  • IFRS 9 Financial Instruments. Fees included in the '10 per cent' test for derecognition of financial liabilities;
  • IFRS 16 Leases. Illustrative example 13; and
  • IAS 41 Agriculture. Taxation in fair value measurement.

​On 5 June 2019 EFRAG has published its draft comment letter in response to the IASB's Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018-2020 and seeks constituents' views on the proposals.

In its draft comment letter EFRAG generally agrees with the proposals in the ED and considers that these minor changes will improve the consistency and understandability of the IFRS standards concerned. However, EFRAG proposes that:

  • Issue 2: IAS 39 Financial Instruments: Recognition and Measurement be amended in the same way as the amendment proposed to IFRS 9 Financial Instruments; and
  • Issue 3: additional guidance to be added to IFRS 16 Leases on where the reimbursement of leasehold improvements may be considered as a lease incentive.

Comments are requested by 5 August 2019.

Show more...

Publications open for comments

Project news