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Annual Improvements to IFRSs 2018-2020 Cycle [Completed]

Effective date:

The amendments to IFRS 1, IFRS 9, and IAS 41 are all effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The amendment to IFRS 16 only regards an illustrative example, so no effective date is stated.

Last updated:

May 2020

Overview

This pro­ject tracks de­vel­op­ments in the an­nual im­prove­ments process for the 2018-2020 cy­cle. Annual Improvements to IFRS Standards 2018–2020 makes amendments to the following standards:

IFRS 1, First-time Adoption of International Financial Reporting Standards

Subsidiary as a first-time adopter. The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to IFRSs.

IFRS 9, Financial Instruments

Fees in the ‘10 per cent’ test for derecognition of financial liabilities. The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognise a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf.

IFRS 16, Leases

Lease incentives. The amendment to Illustrative Example 13 accompanying IFRS 16 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives are illustrated in that example.

IAS 41, Agriculture

Taxation in fair value measurements. The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. This will ensure consistency with the requirements in IFRS 13.

 

Other Developments

May 2020

On May 14, 2020, the IASB issued Annual Improvements to IFRS Standards 2018–2020. The pronouncement contains amendments to four International Financial Reporting Standards as result of the IASB's annual improvements project.

March 2020

On March 27, 2020, the IASB staff updated the work plan to indicate that the Board expects to issue the IFRS Amendments in May 2020.

January 2020

On January 31, 2020, the IASB staff updated the Work Plan to indicate that the IASB expects to issue the IFRS Amendments in April 2020.

November 2019

On November 25, 2019, the IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Amendments in Q2/2020. 

October 2019

On October 1, 2019, the IASB staff updated the work plan to indicate that the Board expects to review the Exposure Draft Feedback in November 2019.

July 2019

On July 29, 2019, the IASB staff updated the work plan to indicate that the Board expects to review the Exposure Draft feedback in Q4/2019.

June 2019

On June 7, 2019, the AcSB is­sued an Ex­po­sure Draft that corresponds to the IASB’s Exposure Draft of its An­nual Im­prove­ments to IFRSs 2018-2020 Cy­cle. Com­ments are due by Au­gust 20, 2019.

May 2019

On May 21, 2019, the IASB issued an Exposure Draft of its Annual Improvements to IFRSs 2018-2020 Cycle. Comments are due by August 20, 2019.

On May 18, 2019, the IASB staff updated the work plan to indicate that the Board expects to review the Exposure Draft feedback (no date specified).

April 2019

On April 12, 2019, the IASB staff updated the work plan to indicate that the Board expects to issue an Exposure Draft in June 2019.

January 2019

On January 25, 2019, the IASB staff updated the work plan to indicate that the Board expects to issue an Exposure Draft in Q2/2019.

December 2018

On December 14, 2018, the IASB® staff updated the work plan to indicate that the Board expects to issue an Exposure Draft in the first half of 2019.

June 2017

In June 2017, the IASB staff up­dated the work plan to in­di­cate that the IASB ex­pects to is­sue an Ex­po­sure Draft in respect of this project but the tim­ing de­pends on the iden­ti­fi­ca­tion of other mat­ters for in­clu­sion in the an­nual im­prove­ments process.

 

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