Annual improvements — 2014-2016 cycle


The IASB's annual improvements project provides a streamlined process for dealing efficiently with a collection of amendments to IFRSs. The primary objective of the process is to enhance the quality of standards, by amending existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences, conflicts or oversights. Amendments are made through the annual improvements process when the amendment is considered non-urgent but necessary.

This page tracks developments in the annual improvements process for the 2014-2016 cycle.  This cycle formally commenced in July 2014 and incorporates consideration of one proposed amendment identified as part of the 2013-2015 cycle, which was discontinued at that time.


Current status of the project

This project has been completed. The IASB issued Annual Improvements to IFRS Standards 2014–2016 Cycle on 8 December 2016, amending the following standards:

IFRS Subject of amendment

IFRS 1 First-time Adoption of International Financial
Reporting Standards

Deleted 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

Clarified 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

Clarified 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


Project milestones

Date Development Comments
July 2014 2014-2016 cycle formally added to IASB agenda
19 November 2015
ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle publlished
comments requested by 17 February 2016
8 December 2016
Annual Improvements to IFRS Standards 2014–2016 Cycle issued
The amendments to IFRS 1 and IAS 28 are effective for annual periods beginning on or after 1 January 2018, the amendment to IFRS 12 for annual periods beginning on or after 1 January 2017.

Correction list for hyphenation

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