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IASB concludes the 2012-2014 Annual Improvements cycle

  • IASB document (blue) Image

25 Sep 2014

The IASB has issued 'Annual Improvements to IFRSs 2012–2014 Cycle', a collection of amendments to IFRSs, in response to issues addressed during the 2012–2014 cycle. Four standards are affected by the amendments.

Annual Improvements 2012–2014 Cycle makes amendments to the following standards:

Standard Amendments

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

Changes in methods of disposal.
Adds 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

(with consequential amendments to IFRS 1)

Servicing contracts.
Adds additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset for the purpose of determining the disclosures required.

Applicability of the amendments to IFRS 7 to condensed interim financial statements.
Clarifies the applicability of the amendments to IFRS 7 on offsetting disclosures to condensed interim financial statements.

IAS 19 Employee Benefits

Discount rate: regional market issue.
Clarifies 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

Disclosure of information 'elsewhere in the interim financial report'.
Clarifies the meaning of 'elsewhere in the interim report' and requires a cross-reference

The amendments are effective for annual periods beginning on or after 1 January 2016, but can be applied earlier. For more information, please see the press release on the IASB's website or our Annual improvements page.

A 'Need to know' publication explaining the amendments can be accessed here.

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.