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IASB concludes the 2012–2014 annual improvements cycle

  • IASB document Image

Sep 25, 2014

The IASB has issued a collection of amendments to IFRSs in response to issues addressed during the 2012–2014 cycle.

Four standards are affected by the amendments, which are summarized in the table below.

Standard Amendments

IFRS 5, Non-current Assets Held for Sale and Discontinued Operations

Add guidance to IFRS 5 regarding (1) reclassification of an asset from held for sale to held for distribution or vice versa and (2) discontinuation of held-for-distribution accounting.

IFRS 7, Financial Instruments: Disclosures (with consequential amendments to IFRS 1, First-time Adoption of International Financial Reporting Standard)

Clarify (1) whether a servicing contract constitutes continuing involvement  “for the purposes of the transfer disclosure requirements” and (2) the applicability of the IFRS 7 amendments on offsetting disclosures to condensed interim financial statements.

IAS 19, Employee Benefits

Clarify that the high-quality corporate bonds that an entity uses 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

Explain the meaning of “elsewhere in the interim report” and require a cross-reference.

The amendments are effective for annual periods beginning on or after January 1, 2016. Early application is permitted.

For more information, see the press release on the IASB’s Web site, the annual improvements project page on Deloitte’s IASPlus Web site, and Deloitte’s IFRS in Focus newsletter.

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.