IFRS INSIGHT – IASB Proposes Amendments to IAS 16

The International Accounting Standards Board (IASB) has proposed narrow scope amendments to IAS 16, Property, Plant and Equipment. Comments are due by 19 October 2017. The Exposure Draft, Property, Plant and Equipment—Proceeds before Intended Use (Proposed amendments to IAS 16) (Exposure Draft), proposes amendments that would prohibit entities from deducting sales proceeds from the cost of an item…