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.


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