24. February 2017
ASCG comments on ED/2017/1
The ASCG submitted its comment letter on the ED/2017/1 Annual Improvements to IFRS 2015-2017 Cycle to the IASB.
The ASCG welcome the IASB’s aim to clarify application of IFRSs by these minor amendments, and agree with this being done via the annual improvement process.
The ASCG generally agree with the proposed amendments in this ED. However, in respect of the IAS 12 amendment, the “key” question, which is whether payments are distributions of profits (ie. dividends) or are other distributions to owners/shareholders, has not been answered. In respect of the IAS 28 amendment, the ED’s proposals only address the IFRS 9 scope question, but do not seem to reflect any of the other decisions made; hence, it is desirable to add an illustrative example and to expand further on the wording of the amendment.