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IASB publishes proposals for amendments under its annual improvements project (cycle 2012-2014)

  • IASB (International Accounting Standards Board) (blue) Image

11 Dec 2013

The International Accounting Standards Board (IASB) has published to its website an exposure draft (ED) of proposed amendments to four International Financial Reporting Standards (IFRSs) under its annual improvements project.

The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

The ED proposes the following amendments:

IFRS Subject of amendment

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

To add specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held-for-distribution accounting is discontinued

IFRS 7 Financial Instruments: Disclosures

To add additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset for the purpose of determining the disclosures required

To clarify the applicability of the amendments to IFRS 7 on offsetting disclosures to condensed interim financial statements

IAS 19 Employee Benefits

To clarify that the high quality corporate bonds used in estimating the discount rate for post-employment benefits should be denominated in the same currency as the benefits to be paid (thus, the depth of the market for high quality corporate bonds should be assessed at currency level)

IAS 34 Interim Financial Reporting

To clarify the meaning of 'elsewhere in the interim report' and to require a cross-reference

The ED proposes that all of the amendments will be effective for annual periods beginning on or after 1 January 2016. Entities are permitted to early adopt all the proposed amendments. Click for IASB Press Release (link to IASB website).

You can access ED/2013/11 Annual Improvements to IFRSs 2012–2014 Cycle on the IASB's website. The IASB requests comments on the ED by 13 March 2014.

Deloitte has prepared a 'Need to know' newsletter explaining the proposed amendments.

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