Annual improvements: Cycle 2011-2013 (IASB only)

Date recorded:

The Exposure Draft (ED) Annual Improvements to IFRSs 2011-2013 Cycle was published in November 2012; the comment period ended in February 2013. On the basis of the comment letters received, the Staff made only some incremental changes to the proposed four amendments. The amendments and comment letters were also discussed by the IFRS IC during its May 2013 meeting.

The four amendments relate to:

  1. IFRS 1 – meaning of effective IFRSs
  2. IFRS 3 – scope exception for joint ventures
  3. IFRS 13 – scope of paragraph 52 (portfolio exception)
  4. IAS 40 – clarifying the interrelationship of IFRS 3 with IAS 40 when classifying property as investment property or owner-occupied property.

The final amendments are expected to be issued in the fourth quarter of 2013. As a result, the Staff proposed to change the mandatory effective date for the amendments to 1 July 2014.

There was not much discussion about the incremental changes proposed by the Staff and the Board had an overall agreement with the changes. One Board member had a wording issue in respect of the amendments to IFRS 1 as he found it difficult to understand what the word ‘current’ meant in the context of the effective standards, namely whether it meant the old or the new effective standards. The Staff agreed to clarify.   

The Board agreed with the Staff proposals to finalise the proposed amendments (as modified with the drafting comments about IFRS 1).

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.