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The International Accounting Standards Board (IASB) published the Exposure Draft Annual Improvements to IFRS Accounting Standards-Volume 11 on 12 September 2023. It contains amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7.

The IASB's annual improvements are limited to amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the standards.

The proposed amendments included in the Exposure Draft relate to:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter.
  • IFRS 7 Financial Instruments: Disclosures - Gain or Loss on Derecognition.
  • Guidance on the implementation of IFRS 7:
         -  Implementation
         -  Disclosure of deferred difference between fair value and transaction price
         -  Credit risk disclosures
  • IFRS 9 Financial Instruments:
         -  Derecognition of lease liabilities
         -  Transaction price
  • IFRS 10 Consolidated Financial Statements - Designation of a "de facto agent".
  • IAS 7 Statement of Cash Flows - Cost Method.

The comment period ends on 11 December 2023. The draft is available for  download on the IASB's website.

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