SOCPA Approves International Accounting Standard (7) Amendment, with Consequential Adjustment to IFR

SOCPA, represented by the Accounting Standards Committee, has approved the limited amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard No. 7, along with a consequential amendment to International Financial Reporting Standard 7 "Financial Instruments: Disclosures."
Previously, SOCPA, through the Accounting Standards Committee, had commented on the proposed amendment mentioned above and initially agreed with the project in principle. However, it noted that the disclosure requirement for the terms and conditions of each arrangement might be impractical, and that disclosure should instead focus on general terms and conditions. The IASB responded to this suggestion, modifying the requirement to mandate disclosure of the general terms and conditions of similar arrangements, along with specific disclosures for any arrangements with differing conditions.
You can view this amendment by clicking here.