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The IASB has made clarifying amendments to IFRS 15 Revenue from Contracts with Customers and introduced additional transition relief for entities applying the standard for the first time.

The IASB has issued 'Disclosure Initiative (Amendments to IAS 7), which makes narrow-scope amendments to IAS 7 'Cash flow Statements'. The purpose of the Amendments is to improve disclosures about an entity's financing activities and changes in related liabilities.

The IASB has issued 'Recognition of Deferred Tax Assets for Unrealised Losses' which makes narrow-scope amendments to IAS 12 'Income Taxes' (the Amendments). The focus of the Amendments is to clarify how to account for deferred tax assets related to debt instruments measured at fair value, particularly where changes in the market interest rate decrease the fair value of a debt instrument below cost.

The IASB has postponed the effective date of its 2014 Amendments 'Sale or Contribution of Assets between an Investor and its Associate or Joint Venture –Amendments to IFRS 10 and IAS 28’. A new effective date has not yet been determined. Despite this change, the 2014 Amendments may still be adopted early if entities wish to do so.

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. This issue considers how to account for a common control business combination.