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Annual improvements issued

22 December 2017

The International Accounting Standards Board has issued its annual improvements to IFRS standards, making narrow-scope amendments to four standards.

The amendments clarify the following:

IFRS 3 Business Combinations a company remeasures its previously held interest in a joint operation when it obtains control of the business.

IFRS 11 Joint Arrangements a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business.

IAS 12 Income Taxes a company accounts for all income tax consequences of dividend payments in the same way.

IAS 23 Borrowing Costs a company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale.

The amendments are effective from 1 January 2019, with early application permitted.

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