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IASB proposes amendments to IFRSs as part of annual improvements project

  • IASB document Image

Nov 19, 2015

The IASB has published an exposure draft (ED), “Annual Improvements to IFRSs 2014–2016 Cycle,” which would amend three IFRSs as part of the IASB’s annual improvements project (i.e., a project to make necessary, but nonurgent, amendments to IFRSs that will not be made in another major project).

The table below summarizes the proposed amend­ments.
IFRS Proposed Amendment

IFRS 1, First-time Adoption of International Financial
Reporting Standards

The short-term ex­emp­tions in para­graphs E3–E7 of IFRS 1 would be deleted “because they have now served their intended purpose.”

IFRS 12, Disclosure of Interests in Other Entities

The proposal would clarify the standard’s scope “by spec­i­fy­ing that the dis­clo­sure re­quire­ments in the [s]tandard, except for those in para­graphs B10–B16, apply to an entity’s interests listed in paragraph 5 that are clas­si­fied as held for sale, as held for dis­tri­b­u­tion . . . or as dis­con­tin­ued op­er­a­tions in ac­cor­dance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.”

IAS 28, Investments in Associates and Joint Ventures

The proposal would clarify that the election to measure at fair value through profit or loss an in­vest­ment in an associate or a joint venture that is held by a venture capital organization or another qual­i­fy­ing entity “is available for each in­vest­ment in an associate or joint venture on an in­vest­ment-by-in­vest­ment basis, upon initial recog­ni­tion.”

Comments on the ED are due by February 17, 2016. For more information, see the press release and ED on the IASB’s Web site. In addition, see Deloitte's IFRS in Focus and the IAS Plus project page on the 2014–2016 annual improvements cycle.

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