IFRS 17, issued in May 2017, amended paragraph 5. and IFRS 7 . Paragraph BC1 was amended and paragraphs BC25A–BC25F were added in relation to the amendment to IAS 21 issued in December 2005. and the . IAS 17 Leases 1 Overview IAS 17 sets out the required accounting treatments and disclosures for finance and operating leases by both lessors and lessees, except where IAS 40 is applied to investment property held by a lessee. IFRS 16, issued in January 2016, amended paragraph 5. This document has been prepared by the staff of the International Auditing and Assurance Standards Board. %PDF-1.6 %���� Limited amendments were made in 2000. It relates to, but does not form part of, ISA 505 (Revised and Redrafted), “External Confirmations,” which was approved by the IAASB in September 2008.1 The basis for conclusions to IFRS 17 explains that, for contracts that fully share risks, the groups of contracts considered together will give the same results as a single combined risk-sharing portfolio. International Financial Reporting Standards are developed by the International Accounting Standards Board. BC1 This Basis for Conclusions summarises the International Accounting Standards Board’s considerations in reaching its conclusions on revising IAS 17 Leasesin 2003. IFRS 9, Basis for Conclusions 7 Scope (Chapter 2) BC2.1 The scope of IAS 39 was not raised as a matter of concern during the global financial crisis and, hence, the IASB decided that the scope of IFRS 9 should be based on that of IAS 39. Under IFRS 16, the impact on profit or loss in the year 1 was:. This Basis for Conclusions has been prepared by staff of the International Auditing and Assurance Standards Board (IAASB). The Board confirmed that the measurement principle in IAS 37 is current settlement, not ultimate settlement. IFRS 16 B. ASIS FOR. The accounting standard IAS 37 ensures that the appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets. Individual Board members … 0 An entity shall apply that amendment when it applies IFRS 17. Introduction. International Accounting Standards IAS 21 — The Effects of Changes in Foreign Exchange Rates Basis for Conclusions on IAS 21 The Effects of Changes in Foreign Exchange Rates Introduction (paras. Basis for conclusion on IFRS 13 scope. An entity shall apply that amendment when it applies IFRS 16. the financial statements have been prepared on a going concern basis but, in the auditor judgment, management’s use of the going concern assumption in the financial statements . This Basis for Conclusions accompanies, but is not part of, IAS 17. Individual Board members gave greater weight to some factors than to others. International Accounting Standards Board (IASB) for comment only. 939 0 obj <>stream Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any Volume A - A guide to IFRS reporting Volume B - Financial Instruments - IFRS 9 and related Standards Volume C - Financial Instruments - IAS 39 and related Standards IFRS disclosures in practice Model financial statements for IFRS reporters WITHDRAWAL OF IAS 17 (REVISED 1997) 70 APPENDIX Amendments to other pronouncements APPROVAL BY THE BOARD OF IAS 17 ISSUED IN DECEMBER 2003 BASIS FOR CONCLUSIONS DISSENTING OPINION IMPLEMENTATION GUIDANCE Illustrative examples of sale and leaseback transactions that result in operating leases They concurred with the staff that there are several opportunities in Standard to improve the explanation of this principle, including changes in terminology and improving the explanation in the Basis for Conclusions. 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