The Singapore Accounting Standards Council (ASC) has submitted a comment letter to the International Accounting Standards Board (IASB) on ED\/2017\/3 Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) which was issued in April 2017.<\/p>\n
In their comments, ASC agreed to the proposal that applying the effective interest method to particular financial assets that are within the scope of the Exposure Draft can provide useful information about those financial assets\u2019 performance.<\/p>\n
The ASC has further made the following recommendations:<\/p>\n
(a)\u00a0\u00a0\u00a0 to allow practice to develop on \u2018reasonable additional compensation\u2019, as it would for any other terms used in principle-based IFRS Standards.<\/p>\n
(b)\u00a0\u00a0 it cannot over-emphasise the importance of the IASB completing its re-deliberations and issuing the final amendments expeditiously, in view of only 6 months left to the proposed effective date on 1 January 2018<\/p>\n
(c)\u00a0\u00a0\u00a0 to consider making available those existing transition provisions relating to contractual cash flow characteristics and impairment to entities that have applied IFRS 9 before they apply the exception.<\/p>\n
For further reading and more details on the comments sent, the complete comment letter can be downloaded from the ASC website.<\/p>\n
<\/p>\n
Source: ASC, 23 May 2017<\/p>\n","protected":false},"excerpt":{"rendered":"
The Singapore Accounting Standards Council (ASC) has submitted a comment letter to the International Accounting Standards Board (IASB) on ED\/2017\/3 Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) which was issued in April 2017. In their comments, ASC agreed to the proposal that applying the effective interest method to particular financial assets that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-461","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=461"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/461\/revisions"}],"predecessor-version":[{"id":462,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/461\/revisions\/462"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=461"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}