IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom

IFRS Foundation
30 Cannon Street
London EC4M 6XH
United Kingdom
22nd May, 2015
To whom it may concern,
The Institute of Certified Public Accountants in Ireland welcomes the opportunity to comment on:
“Proposed Amendments to IAS 1 ED/2015/1”
Question 1
Classification based on the entity’s rights at the end of the reporting period
Do you agree with the following proposed amendments?
(a) Replacing ‘discretion’ in paragraph 73 of the Standard with ‘right’ to align it with the requirements of
paragraph 69(d) of the Standard;
Yes we agree with this clarification.
(b) Making it explicit in paragraphs 69(d) and 73 of the Standard that only rights in place at the reporting
date should affect this classification of a liability;
Yes we agree with this clarification
(c) Deleting ‘unconditional’ from paragraph 69(d) of the Standard so that ‘an unconditional right’ is replaced
by ‘a right’.
Yes we agree with this clarification
Question 2
Linking settlement with the outflow of resources
Yes we agree that it is important that link to outflow of resources is stipulated.
Question 3
Transition arrangements
Yes we agree with the proposal to apply the changes retrospectively to maintain consistency with other Accounting
Standards and allow comparatives to be presented on the same basis.
If you have any questions on the above please do not hesitate to contact me.
Yours sincerely,
David Roxburgh
Chairperson, Financial Reporting Sub - Committee