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Annual improvements — 2015-2017 cycle


The IASB's annual improvements project provides a streamlined process for dealing efficiently with a collection of amendments to IFRSs. The primary objective of the process is to enhance the quality of standards, by amending existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences, conflicts or oversights. Amendments are made through the annual improvements process when the amendment is considered non-urgent but necessary.

This page tracks developments in the annual improvements process for the 2015-2017 cycle.  This cycle formally commenced in October 2015 and was completed in December 2017.


Current status of the project

In December 2017, the IASB published Annual Improvements to IFRS Standards 2015–2017 Cycle, containing the following amendments to IFRSs:

  • IFRS 3 Business Combinations and IFRS 11 Joint Arrangements — The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify 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 — The amendments clarify that all income tax consequences of dividends (i.e. distribution of profits) should be recognised in profit or loss, regardless of how the tax arises.
  • IAS 23 Borrowing Costs — The 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 capitalisation rate on general borrowings.


Project milestones

Date Development Comments
October 2015 2015-2017 cycle formally added to IASB agenda
12 January 2017 ED/2017/01 Annual Improvements to IFRS Standards 2015–2017 Cycle published
Comments requested by 12 April 2017.
May 2017 IASB decides to finalise the amendments regarding IAS 28 as a narrow scope amendment in its own right Final amendments to IAS 28 issued in October 2017
December 2017 Annual Improvements to IFRS Standards 2015–2017 Cycle issued
Amendments effective for annual periods beginning on or after 1 January 2019


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.