Need to know — IASB issues Annual Improvements: 2010-2012 Cycle
Published on:
13 Dec, 2013
This edition of ‘Need to know’ outlines the recent amendments to seven International Financial Reporting Standards (IFRSs) issued under the annual improvement process.
The amendments impact the following standards:
- IFRS 2 Share based payments – Definition of vesting condition
- IFRS 3 Business Combinations – Accounting for contingent consideration in a business combination
- IFRS 8 Operating Segments – (1) Aggregation of operating segments and (2) Reconciliation of the total of the reportable segments’ assets to the entity’s assets
- IFRS 13 Fair Value Measurement – Short-term receivables and payables
- IAS 16 Property, Plant and Equipment- Revaluation method: proportionate restatement of accumulated depreciation
- IAS 24 Related Party Disclosures- Key management personnel
- IAS 38 Intangible Assets – Revaluation method: proportionate restatement of accumulated amortisation
The amendments are effective for annual periods beginning on or after 1 July 2014, with earlier application permitted. This is subject to EU endorsement, as appropriate.