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Comment letter deadline for ED on Annual Improvements to IFRSs 2014–2016 Cycle

When Feb 16, 2016
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On November 19, 2015, the IASB published an exposure draft Annual Improvements to IFRSs 2014–2016 Cycle. It contains proposed amendments to three IFRSs as result of the IASB's annual improvements project. Comments are requested by February 17, 2016.

The ED proposes the following amendments: (i) IFRS 1, to delete the short-term exemptions in paragraphs E3–E7 of IFRS 1, because they have now served their intended purpose; (ii) IFRS 12, to clarify 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 5Non-current Assets Held for Sale and Discontinued Operations; and (iii) IAS 28, to clarify 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 organization, 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 ED contains no proposed effective dates for any of the proposed amendments. The intention is to decide on these after the exposure period.

On December 15, 2015, the AcSB issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are also encouraged to submit their comments by February 17, 2016.

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