IASB concludes the 2012-2014 Annual Improvements cycle
25 Sep 2014
The IASB has issued 'Annual Improvements to IFRSs 2012–2014 Cycle', a collection of amendments to IFRSs, in response to issues addressed during the 2012–2014 cycle. Four standards are affected by the amendments.
Annual Improvements 2012–2014 Cycle makes amendments to the following standards:
Standard | Amendments |
---|---|
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations |
Changes in methods of disposal. Adds 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 (with consequential amendments to IFRS 1) |
Servicing contracts. Applicability of the amendments to IFRS 7 to condensed interim financial statements. |
IAS 19 Employee Benefits |
Discount rate: regional market issue. Clarifies that the high quality corporate bonds used in estimating the discount rate for post-employment 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 |
Disclosure of information 'elsewhere in the interim financial report'. |
The amendments are effective for annual periods beginning on or after 1 January 2016, but can be applied earlier. For more information, please see the press release on the IASB's website or our Annual improvements page.
Deloitte's IFRS Global Office has prepared an IFRS in Focus Newsletter explaining the amendments.