At its meeting on July 18-19, 2016, the IASB considered an analysis of comments on the Exposure Draft and tentatively decided to finalize these three amendments to the IFRSs. In addition, the Board tentatively decided that the effective date of the amendments to IFRS 1 and IAS 28 should be January 1, 2018, with earlier adoption permitted. The Board also tentatively decided that the effective date of the amendments to IFRS 12 should be January 1, 2017. All of the Board members confirmed they are satisfied that the Board has completed the necessary due process for the project. Therefore the Board instructed the staff to begin the balloting process for issuing the Annual Improvements to IFRS Standards 2014–2016 Cycle. No Board members indicated they would dissent from the decision to issue the amendments. The Board expects to issue the Annual Improvements to IFRS Standards 2014–2016 Cycle in the fourth quarter of 2016.

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