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IASB publishes proposals for amendments under its annual improvements project (cycle 2014-2016)

  • IASB document (blue) Image

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
Reporting Standards

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
Discontinued Operations

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:

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.