IASB publishes proposals for amendments under its annual improvements project

11 December 2013

The IASB published for public comment an ED of five proposed amendments to four IFRSs under its annual improvements project (Annual Improvements Cycle 2012-2014). Comments on the ED are requested by 13 March, 2014.

The proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2012.

Proposed Amendments - Exposure Draft: Annual Improvements to IFRSs 2012-2014 Cycle

Standard 

Subject of amendment 

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

Changes in methods of disposal

IFRS 7 Financial Instruments: Disclosures

Servicing contracts

Applicability of the amendments to IFRS 7 to condensed interim financial statements

IAS 19 Employee Benefits

Discount rate: regional market issue

IAS 34 Interim Financial Reporting

Disclosure of information ‘elsewhere in the interim report’

These amendments meet the criteria for the annual improvements process set out in the IASB Due Process Handbook.  The criteria help in deciding whether a matter relating to the clarification or correction of IFRSs should be addressed using the annual improvements process.

The IASB requests comments on the ED by 13 March, 2014. The proposed effective date for the amendments is for annual periods beginning on or after 1 January 2016, although the IASB proposes that entities would be permitted to apply them earlier.

Press release

ED: Annual Improvements to IFRSs 2012-2014 Cycle


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