This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB publishes proposals for amendments under its annual improvements project (cycle 2012–2014)

  • IASB (International Accounting Standards Board) Image

Dec 11, 2013

The IASB has published to its Web site an exposure draft (ED) of proposed amendments to four IFRSs under its annual improvements project.

The IASB uses the annual improvements project to make necessary, but nonurgent, amendments to IFRSs that will not be included as part of another major project.

The ED proposes the following amendments:

IFRS Subject of amendment
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations To add specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held-for-distribution accounting is discontinued.
IFRS 7, Financial Instruments: Disclosures

To add additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset for the purpose of determining the disclosures required.

To clarify the applicability of the amendments to IFRS 7 on offsetting disclosures to condensed interim financial statements.

IAS 19, Employee Benefits To clarify that the high quality corporate bonds used in estimating the discount rate for postemployment benefits should be denominated in the same currency as the benefits to be paid (thus, the depth of the market for high quality corporate bonds should be assessed at currency level).
IAS 34, Interim Financial Reporting To clarify the meaning of "elsewhere in the interim report" and to require a cross-reference.

The ED proposes that all of the amendments will be effective for annual periods beginning on or after January 1, 2016. Entities are permitted to early adopt all the proposed amendments.

Comments on the ED are requested by March 13, 2014.

For more information, please see:

  • The press release on the IASB's Web site
  • ED/2013/11 Annual Improvements to IFRSs 2012–2014 Cycle on the IASB's Web site
  • Deloitte's IFRS in Focus newsletter explaining the proposed amendments

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.