Need to know — IASB issues exposure draft on Annual Improvements to IFRSs: 2012-2014 Cycle
Published on:
12 Dec, 2013
This newsletter outlines recent proposed amendments to four International Financial Reporting Standards (IFRSs) under the IASB's annual improvements project.
The exposure draft proposes amendments to the following standards:
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IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – Changes in methods of disposal.
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IFRS 7 Financial Instruments: Disclosures – (i) Servicing contracts and(ii) Applicability of the amendments to IFRS 7 on offsetting disclosure to condensed interim financial statements.
The proposed amendments, if finalised, would be effective for annual periods beginning on or after 1 January 2016, with earlier application permitted.