ASB issues Annual Improvements to IFRSs: 2012-2014
September 30, 2014
This edition outlines the recent amendments to four International Financial Reporting Standards (IFRSs) under the annual improvement process.
The amendments impact the following standards:
- IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Changes in methods of disposal.
- IFRS 7 Financial Instruments: Disclosures – (i) Servicing contracts and (ii) Applicability of the amendments to IFRS 7 on offsetting disclosure 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’.
The amendments are effective for annual periods beginning on or after 1 January 2016, with earlier application permitted.