On March 5, 2014 a regular meeting of National Accounting Standards Board (NASB) of the NOFA Foundation took place. Members of NASB discussed in detail Annual improvements to IFRSs 2012-2014 Cycle (ED/2013/11), proposed by IASB (see http://www.ifrs.org/Current-Projects/IASB-Projects/Annual-Improvements/Exposure-Draft-December-2013/Pages/Exposure-Draft-and-Comment-letters.aspx).

On the whole NASB approved the proposed amendments. However, amendments to IAS 19 "Employee benefits" caused serious concern. Concern of NASB is connected with that for lack of accurate definition of "high-quality corporate bonds" the proposed amendments can create opportunities to manipulate information incorporated in financial statements.

As a result of discussion, it was decided to send to IASB a comment letter that represents an opinion of the National Accounting Standards Board of the NOFA Foundation.

Once the letter is published it will be placed on website of IFRS Board. See the list of all comment letters to Annual improvements to IFRSs 2012-2014 Cycle on http://www.ifrs.org/Current-Projects/IASB-Projects/Annual-Improvements/Exposure-Draft-December-2013/Pages/Comment-letters.aspx.