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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:

  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Changes in methods of disposal.
  • 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.
  • IAS 19 Employee Benefits – Discount rate: regional market issue
  • IAS 34 Interim Financial Reporting – Disclosure of information ‘elsewhere in the interim report’.

The proposed amendments, if finalised, would be effective for annual periods beginning on or after 1 January 2016, with earlier application permitted.


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