IASB concludes the 2014-2016 annual improvements cycle
08 Dec 2016
The IASB has issued 'Annual Improvements to IFRS Standards 2014–2016 Cycle'. The pronouncement contains amendments to three International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project.
Annual Improvements to IFRS Standards 2014–2016 Cycle makes amendments to the following standards:
| IFRS | Subject of amendment |
|---|---|
|
IFRS 1 First-time Adoption of International Financial |
Deleted the short-term exemptions in paragraphs E3–E7 of IFRS 1, because they have now served their intended purpose |
|
IFRS 12 Disclosure of Interests in Other Entities |
Clarified the scope of the standard by specifying that the disclosure requirements in the standard, except for those in paragraphs B10–B16, apply to an entity’s interests listed in paragraph 5 that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations |
|
IAS 28 Investments in Associates and Joint Ventures |
Clarified that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organisation, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by-investment basis, upon initial recognition |
The amendments to IFRS 1 and IAS 28 are effective for annual periods beginning on or after 1 January 2018, the amendment to IFRS 12 for annual periods beginning on or after 1 January 2017.
Please click for the following additional information:
- IASB press release (link to IASB website).
- Our IAS Plus project page on Annual improvements — 2014-2016 cycle.
- IFRS in Focus newsletter explaining all pronouncements published by the IASB on 8 December 2016
- Updated EFRAG status report.
