IASB publishes proposals for amendments under its annual improvements project (cycle 2014-2016)
19 Nov, 2015
The International Accounting Standards Board (IASB) has published an exposure draft 'Annual Improvements to IFRSs 2014–2016 Cycle'. It contains proposed amendments to three International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project. Comments are requested by 17 February 2016.
The IASB uses the annual improvements process 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 1 First-time Adoption of International Financial |
To delete 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 |
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 |
|
IAS 28 Investments in Associates and Joint Ventures |
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 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 |
ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle contains no proposed effective dates for any of the proposed amendments. The intention is to decide on these after the exposure period.
Please click for the following additional information:
- IASB press release (link to IASB website)
- Access to the exposure draft on the IASB website
- Deloitte's Need to know publication
- Our UK Accounting Plus project page on Annual improvements — 2014-2016 cycle
