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14 Aug. 2015

IASB proposes to defer indefinitely the amendments related to the sale or contribution of assets between an investor and its associate or joint venture.

ED 268 seeks your feedback on the IASB’s proposal to defer indefinitely the effective date of amendments that affect the gain or loss an entity recognises when assets are sold or contributed between an entity and an associate or joint venture in which it invests. These amendments are incorporated into AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, which is currently effective from 1 January 2016. 

The IASB plans to revisit the mandatory effective date of these amendments once it has completed its research project on the equity method. In the meantime, earlier application would continue to be permitted. 

To prepare its own submission to the IASB, the AASB is seeking comments by 9 September 2015.