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Narrow scope amendments

Title Description
Amendments to IFRS 17 'Insurance Contracts' Since IFRS 17 was issued in May 2017, the Board has been monitoring the implementation and has learned about concerns and implementation challenges. The Board had previously indicated that it would consider whether additional action is needed to address matters arising during implementation. An exposure draft of proposed amendments was published on 26 June 2019 with comments requested by 25 September 2019.
Annual improvements — 2012-2014 cycle Completed 2014. The IASB issued 'Annual Improvements to IFRSs 2012–2014 Cycle' on 25 September 2014.
Annual improvements — 2013-2015 cycle Discontinued 2014. The IASB decided at its July 2014 meeting to discontinue the 2013-2015 cycle of annual improvements in favour of a new 2014-2016 cycle.
Annual improvements — 2018-2020 cycle The IASB's annual improvements project provides a streamlined process for dealing efficiently with a collection of amendments to IFRSs. Standards addressed in the 2018-2020 cycle are IFRS 1 'First-time Adoption of International Financial Reporting Standards', IFRS 9 'Financial Instruments', the illustrative examples accompanying IFRS 16 'Leases', and IAS 41 'Agriculture'. An exposure draft of proposed amendments was published on 21 May 2019 with comments requested by 20 August 2019.
Different effective dates of IFRS 9 and the new insurance contracts standard Completed 2016. Final amendments to IFRS 4 'Insurance Contracts' were issued on 12 September 2016.
Disclosure initiative — Accounting policies This project is part of the IASB's overall disclosure initiative and is intended to help stakeholders improve accounting policy disclosures for the primary users of financial statements. An exposure draft of proposed amendments was issued on 1 August 2019. Comments are requested by 29 November 2019.
IAS 1 — Disclosures about going concern A narrow scope project to clarify the disclosure requirements about the assessment of going concern in IAS 1 'Presentation of Financial Statements'. This project has been incorporated into the IASB's short-term disclosure initiative of amendments to IAS 1.
IAS 8 — Accounting policy changes This project looks into the accounting for voluntary changes in accounting policies — in particular, changes in accounting policies that result from agenda decisions published by the IFRS Interpretations Committee. An exposure was published on 27 March 2018 with comments requested by 27 July 2018.
IAS 12 — Deferred tax related to assets and liabilities arising from a single transaction The IFRS Interpretations Committee received a submission about IAS 12 and the recognition of deferred tax in relation to leases and decommissioning obligations and came to the conclusion that the matter was relevant and widespread, as there are various kinds of contracts and fact patterns affected. The IASB took the matter over and published an exposure draft of proposed amendments on 17 July 2019 with comments requested by 14 November 2019.
IAS 16 — Proceeds before intended use This project looks into the accounting for any proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management. An exposure draft ED/2017/4 'Property, Plant and Equipment — Proceeds before Intended Use (Proposed amendments to IAS 16)' was published on 20 June 2017 with comments requested by 19 October 2017. The next project milestone is now an IFRS amendment, however, no expected date has been provided yet.
IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation Completed 2014. The IASB issued 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)' on 12 May 2014.
IAS 19/IFRIC 14 — Remeasurement at a plan amendment, curtailment or settlement / Availability of a refund of a surplus from a defined benefit plan A narrow scope project to clarify (a) the calculation of current service cost and net interest an when entity remeasures the net defined benefit liability (asset) when a plan amendment, curtailment or settlement occurs; and (b) whether a trustee's power to augment benefits or to wind up a plan affects the employer's unconditional right to a refund and thus, in accordance with IFRIC 14, restricts recognition of an asset. An exposure draft was published on 18 June 2015 with comment letter deadline 19 October 2015. Amendments to IAS 19 regarding (a) were issued on 7 February 2018. Amendments regarding (b) are still outstanding.
IAS 27 — Equity method in separate financial statements Completed 2014. The IASB issued 'Equity Method in Separate Financial Statements (Amendments to IAS 27)' on 12 August 2014.
IAS 28 — Reflecting other net asset changes when applying the equity method of accounting Discontinued 2014. In light of insufficient members in favour of approving finalised amendments at the IASB's May 2014 meeting, the IASB will not proceed with the originally proposed amendments to provide guidance on whether and where an investor should account for its share of the changes in the net assets of the associate that are not recognised in profit or loss or other comprehensive income (OCI) of the associate (i.e. ‘other net asset changes’).
IAS 32 — Put options over non-controlling interests (NCIs) Discontinued as a project in its own right in 2014. The issues will now be discussed as part of the project 'Financial instruments with characteristics of equity'.
IAS 37 — Onerous contracts This project looks into which costs a company should include when assessing whether a contract will be loss-making. An exposure with comments requested by 15 April 2019 was published on 13 December 2018.
IAS 41 — Bearer plants Completed 2014. The IASB issued 'Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)' on 30 June 2014.
IBOR reform and the effects on financial reporting — Phase 2 Interbank offered rates (IBORs) are interest reference rates, such as LIBOR, EURIBOR and TIBOR, that represent the cost of obtaining unsecured funding, in a particular combination of currency and maturity and in a particular interbank term lending market. Recent market developments have brought into question the long-term viability of those benchmarks. The project is split into two phases. Phase 2 deals with replacement issues (issues that might affect financial reporting when an existing interest rate benchmark is replaced).
IFRS 3 — Updating a reference to the Conceptual Framework In March 2018, the IASB issued the 2018 Conceptual Framework and most references to the Framework included in IFRSs were updated to the 2018 Framework at that time. However, paragraph 11 of IFRS 3 'Business Combinations', which still refers to the 1989 Framework, was not updated as this could have caused conflicts for entities applying IFRS 3. The purpose of this project is to find a possibility to update the reference in a way that avoids the conflicts identified. An exposure draft of proposed amendments was published on 30 May 2019 with comments requested by 27 September 2019.
IFRS 3/IFRS 11 — Remeasurement of previously held interests This project has been completed. The proposed amendments were finalised as part of the annual improvements 2015-2017 on 12 December 2017.

Correction list for hyphenation

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