Annual improvements — 2012-2014 cycle
Background
The IASB's annual improvements project provides a streamlined process for dealing efficiently with a collection of amendments to IFRSs. The primary objective of the process is to enhance the quality of standards, by amending existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences, conflicts or oversights. Amendments are made through the annual improvements process when the amendment is considered non-urgent but necessary.
This page tracks developments in the annual improvements process for the 2012-2014 cycle.
Current status of the project
This project has been completed. The IASB issued Annual Improvements to IFRSs 2012–2014 Cycle on 25 September 2014, amending the following standards:
Standard | Amendments |
---|---|
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations |
Changes in methods of disposal. Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held-for-distribution accounting is discontinued. |
IFRS 7 Financial Instruments: Disclosures (with consequential amendments to IFRS 1) |
Servicing contracts. Applicability of the amendments to IFRS 7 to condensed interim financial statements. |
IAS 19 Employee Benefits |
Discount rate: regional market issue. Clarifies that the high quality corporate bonds used in estimating the discount rate for post-employment benefits should be denominated in the same currency as the benefits to be paid (thus, the depth of the market for high quality corporate bonds should be assessed at currency level). |
IAS 34 Interim Financial Reporting |
Disclosure of information 'elsewhere in the interim financial report'. |
Project milestones
Date | Development | Comments |
---|---|---|
December 2012 | 2012-2014 cycle formally added to IASB agenda | |
11 December 2013 | ED/2013/11 Annual Improvements to IFRSs 2012–2014 Cycle published | Comment deadline 13 March 2014 |
25 September 2014 | Annual Improvements to IFRSs 2012–2014 Cycle issued | Effective for annual periods beginning on or after 1 January 2016, early adoption permitted |