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IASB concludes the 2015–2017 annual improvements cycle

  • IASB document Image

Dec 12, 2017

The IASB has issued “Annual Improvements to IFRS Standards 2015–2017 Cycle” as part of its annual improvements project (i.e., its project to make minor, nonurgent amendments to IFRSs).

The following four standards are being amended:

  • IFRS 3, Business Combinations — Clarification that when an entity obtains control of a business that is a joint operation, it re­mea­sures pre­vi­ously held interests in that business.
  • IFRS 11, Joint Arrangements — These amend­ments explain that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure pre­vi­ously held interests in that business.
  • IAS 12, Income Taxes — Revisions to clarify that all income tax con­se­quences of dividends (i.e., dis­tri­b­u­tion of profits) should be recog­nized in profit or loss, re­gard­less of how the tax arises.
  • IAS 23, Borrowing Costs — These amend­ments clarify that if any specific borrowing remains out­stand­ing after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when cal­cu­lat­ing the cap­i­tal­i­za­tion rate on general bor­row­ings.

The amend­ments are all effective for annual periods beginning on or after January 1, 2019.

For more information, see the press release on the IASB’s Web site.

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