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Need to know — IASB issues Annual Improvements: 2011-2013 Cycle

Published on: 12 Dec 2013

This newsletter outlines the recent amendments to four International Financial Reporting Standards (IFRSs) issued under the IASB's annual improvements process.

The amendments impact the following standards:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Clarification of the meaning of “effective IFRSs”;
  • IFRS 3 Business Combinations – Clarification of the scope exclusion for joint ventures;
  • IFRS 13 Fair Value Measurement – Clarification of the scope of the portfolio exception;
  • IAS 40 Investment Property – Clarification of the interrelationship between IFRS 3 and IAS 40.

The amendments are effective for annual periods beginning on or after 1 July 2014, with earlier application permitted.

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