ACCA welcomes the opportunity to provide views in response to the IASB’s exposure draft (ED) for the IFRS Accounting Standards Annual Improvements Volume 11.
This was done with the assistance of ACCA’s Global Forum for Corporate Reporting.
We support most of the proposals that align the wording, clarify phrases, and correct minor conflicts in an Accounting Standard. The proposed amendments improve the understandability of the affected requirements and improve the consistency among Accounting Standards.
However, we have reservations about the effectiveness of the proposed amendment to paragraph IG20B of the Guidance on implementing IFRS 7 in resolving the issue of an example not illustrating all requirements of a Standard. See our detailed response in page 4.
Our detailed responses to each proposed amendment can be found under the consultation documents on this page.