Our Ref.: C/FRSCSent electronically through the IASB Website (www.ifrs.org)
22 February 2016Mr Hans HoogervorstInternational Accounting Standards Board30 Cannon StreetLondon EC4M 6XHUnited KingdomDear Hans,IASB Exposure Draft ED/2015/10 Annual Improvements to IFRS 2014-2016 CycleThe Hong Kong Institute of Certified Public Accountants is the only body authorised bylaw to set and promulgate standards relating to financial reporting, auditing, and ethics forprofessional accountants, in Hong Kong. We are grateful for the opportunity to provideyou with our comments on this Exposure Draft.We welcome the IASB's annual improvements to make necessary, but non-urgent,amendments to IFRSs that address inconsistencies in the application of Standards andclarify the wording in a Standard.We support the proposed amendments in ED/2015/10. Our responses to the questionsraised in ED/2015/10 are explained in more detail in the Appendix.If you have any questions regarding the matters raised in this letter, please contact me orKatherine Leung, Manager in the Standard Setting Department(katherineleung@hkicpa.org.hk).Yours sincerely,Christina NgHead of Financial ReportingCN/KLEncl.Page 2 of 2APPENDIX~ End ~Detailed comments on IASB Exposure Draft ED/2015/10 Annual Improvements toIFRS 2014-2016 CycleQuestion 1—Proposed amendmentDo you agree with the IASB’s proposal to amend the Standards as described inthe Exposure Draft?If not, why and what alternative do you propose?Question 2—Transition provisionsDo you agree with the proposed transition provisions as described in theExposure Draft?If not, why and what alternative do you propose?IFRS 1 First-time Adoption of International Financial Reporting StandardsWe support the IASB's proposed amendments to IFRS 1 as the reliefs for therespective reporting periods have now passed.We consider that the effective date of the proposed amendments to IFRS 1 should beno earlier than 1 January 2018.IFRS 12 Disclosure of Interests in other EntitiesWe support the IASB's proposed amendments to IFRS 12 to clarify the scope of theStandard and the rationale stated in paragraph BC4 of the proposed amendments toIFRS 12.We consider that the proposed amendments to IFRS 12 should be appliedretrospectively because an entity is likely to have the necessary information fordisclosure with respect to the interests that are classified as held for sale ordiscontinued operations in the comparative period to enhance the comparability offinancial information. We suggest that the IASB explicitly states this in paragraph C1Dof IFRS 12. Since the proposed amendments to IFRS 12 are clarification in nature, wesuggest that the effective date should be as soon as possible.IAS 28 Investments in Associates and Joint VentureWe support the IASB's proposed amendments to IAS 28 to clarify that the election inparagraphs 18 and 36A of IAS 28 is available for each investment in an associate orjoint venture on an investment-by-investment basis, upon initial recognition of eachinvestment.We consider that the proposed amendments to IAS 28 should be appliedretrospectively in accordance with paragraph 19(b) of IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors. We suggest that the IASB explicitlystates this in paragraph 45E of IAS 28.
IASB Exposure Draft ED/2015/10 Annual Improvements to IFRS 2014-2016 Cycle
下载原件Our Ref.: C/FRSCSent electronically through the IASB Website (www.ifrs.org)
22 February 2016Mr Hans HoogervorstInternational Accounting Standards Board30 Cannon StreetLondon EC4M 6XHUnited KingdomDear Hans,IASB Exposure Draft ED/2015/10 Annual Improvements to IFRS 2014-2016 CycleThe Hong Kong Institute of Certified Public Accountants is the only body authorised bylaw to set and promulgate standards relating to financial reporting, auditing, and ethics forprofessional accountants, in Hong Kong. We are grateful for the opportunity to provideyou with our comments on this Exposure Draft.We welcome the IASB's annual improvements to make necessary, but non-urgent,amendments to IFRSs that address inconsistencies in the application of Standards andclarify the wording in a Standard.We support the proposed amendments in ED/2015/10. Our responses to the questionsraised in ED/2015/10 are explained in more detail in the Appendix.If you have any questions regarding the matters raised in this letter, please contact me orKatherine Leung, Manager in the Standard Setting Department(katherineleung@hkicpa.org.hk).Yours sincerely,Christina NgHead of Financial ReportingCN/KLEncl.Page 2 of 2APPENDIX~ End ~Detailed comments on IASB Exposure Draft ED/2015/10 Annual Improvements toIFRS 2014-2016 CycleQuestion 1—Proposed amendmentDo you agree with the IASB’s proposal to amend the Standards as described inthe Exposure Draft?If not, why and what alternative do you propose?Question 2—Transition provisionsDo you agree with the proposed transition provisions as described in theExposure Draft?If not, why and what alternative do you propose?IFRS 1 First-time Adoption of International Financial Reporting StandardsWe support the IASB's proposed amendments to IFRS 1 as the reliefs for therespective reporting periods have now passed.We consider that the effective date of the proposed amendments to IFRS 1 should beno earlier than 1 January 2018.IFRS 12 Disclosure of Interests in other EntitiesWe support the IASB's proposed amendments to IFRS 12 to clarify the scope of theStandard and the rationale stated in paragraph BC4 of the proposed amendments toIFRS 12.We consider that the proposed amendments to IFRS 12 should be appliedretrospectively because an entity is likely to have the necessary information fordisclosure with respect to the interests that are classified as held for sale ordiscontinued operations in the comparative period to enhance the comparability offinancial information. We suggest that the IASB explicitly states this in paragraph C1Dof IFRS 12. Since the proposed amendments to IFRS 12 are clarification in nature, wesuggest that the effective date should be as soon as possible.IAS 28 Investments in Associates and Joint VentureWe support the IASB's proposed amendments to IAS 28 to clarify that the election inparagraphs 18 and 36A of IAS 28 is available for each investment in an associate orjoint venture on an investment-by-investment basis, upon initial recognition of eachinvestment.We consider that the proposed amendments to IAS 28 should be appliedretrospectively in accordance with paragraph 19(b) of IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors. We suggest that the IASB explicitlystates this in paragraph 45E of IAS 28.