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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
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Standard |
Subject of amendment |
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IFRS 5 Non-current Assets Held for Sale and Discontinued Operations |
Changes in methods of disposal |
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IFRS 7 Financial Instruments: Disclosures |
Servicing contracts |
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Applicability of the amendments to IFRS 7 to condensed interim financial statements |
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IAS 19 Employee Benefits |
Discount rate: regional market issue |
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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.
ED: Annual Improvements to IFRSs 2012-2014 Cycle