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Annual Improvements to IFRSs 2014-2016 Cycle [Completed]

Effective date and transitional provisions:

The amendments to IFRS 1 and IAS 28 are effective for annual periods beginning on or after January 1, 2018 and the amendment to IFRS 12 for annual periods beginning on or after January 1, 2017.

Last updated:

December 2016

Overview

Changes to standards, however small, are time-consuming for the Board and burdensome for others. The IASB has adopted the Annual Improvements process to deal efficiently with a collection of narrow scope amendments to IFRSs even though the amendments are unrelated. The IFRS Interpretations Committee reviews the proposed amendments within the annual improvements process and makes recommendations to the IASB before they are issued.

The 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
Reporting Standards

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

 

Other developments 

December 2016

On December 8, 2016, the IASB 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.

September 2016

On September 23, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish the final amendments to the relevant standards in December 2016.

July 2016

On July 20, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish the final amendments to the relevant standards before January 31, 2017.

May 2016

On May 20, 2016, the staff updated the IASB Work Plan to indicate that the Board expects to decide the direction of this project by August 2016.

December 2015

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

November 2015

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 5, Non-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.

 

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