IASB proposes amendments to IFRS 9

The International Accounting Standards Board (IASB) has issued for comment Exposure Draft ED/2017/3 Prepayment Features with Negative Compensation (Proposed Amendments to IFRS 9).

The proposals are relevant for Tier 1 and Tier 2 for-profit entities.

The Exposure Draft proposes minor amendments to IFRS 9 Financial Instruments to enable entities to measure at amortised cost certain prepayable financial assets with prepayment features with negative compensation.

The New Zealand Accounting Standards Board (NZASB) encourages you to consider how the proposals will affect your organisation and invites you to comment on them.

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. Therefore, this Exposure Draft is your opportunity to comment on the proposed future amendments that will be issued in New Zealand.

How to comment

Comments are due to the IASB by 24 May 2017. Because of the short comment period, please send your comments directly to the IASB, with a copy to the NZASB. 

Email your comments to the IASB to commentletters@ifrs.org or electronically using the ‘Comment on a proposal’ page on the IASB® website. To submit a comment letter via the IASB website, you would first need to register as an eIFRS Basic subscriber.

A copy of your comment letter can be emailed to the NZASB addressed to the Chief Executive at submissions@xrb.govt.nz. Please specify in the subject line the exposure draft number and title.

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