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2015 Annual Improvements [Completed]

Effective date: Periods beginning on or after January 1, 2016.  Earlier application is permitted.

Transitional provisions:

Periods beginning on or after January 1, 2016.  Earlier application is permitted.

Last updated:

October 2015


The ED proposals:

  1. require disclosure of the amounts recognized for each major class of assets acquired and liabilities assumed when a business is acquired through the acquisition of an asset or a group of assets in Section 1582, Business Combinations. This disclosure is already required for a subsidiary that is consolidated;
  2. require disclosure of an impairment loss or reversal of a previously recognized loss in Section 3051, Investments, and Section 3065, Leases, similar to the existing disclosure requirement in Section 3856, Financial Instruments; and
  3. clarify that the option to use a funding valuation for unfunded defined benefit plans in Section 3462, Employee Future Benefits, can only be applied by entities that have at least one funded defined benefit plan. This issue was originally included in the proposed 2014 Annual Improvements. The revised proposal responds to stakeholder concerns about the clarity of the original proposal.

Other developments

October 2015

On October 1, 2015, the AcSB issued a Basis for Conclusions in respect of these amendments.

March 2015

On March 10, 2015, the AcSB staff issued a FYI article which discusses the ED’s proposals regarding disclosures of business combinations and impairments, and the measurement of a defined benefit plan obligation.

February 2015

On February 25, 2015, the AcSB issued for public comment an ED that contains three proposals as part of its 2015 Annual Improvements project.

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