Annual Improvements to IFRSs 2014 - 2016 Cycle
- Published in the Official Journal
- Robert Stojek
The IASB published the exposure draft ED/2015/10 Annual Improvements to IFRSs 2014-2016 Cycle in November 2015.
In December 2015, EFRAG published its draft comment letter in response to the ED. In its letter, EFRAG agreed with the IASB proposals and requested feedback from its constituents by February 2016. In March 2016, EFRAG published its final comment letter in response to the ED.
In December 2016, the IASB published Annual Improvements to IFRSs 2014 - 2016 Cycle ('the Amendments'). The Amendments introduce the following changes:
- IFRS 1 First-time Adoption of International Financial Reporting Standards: The Amendments propose to delete the short-term exemptions in paragraphs E3– E7 of IFRS 1.
- IFRS 12 Disclosure of Interests in Other Entities: The Amendments clarify that the disclosure requirements in IFRS 12 apply to any interests in other entities that are classified in accordance with IFRS 5 as held for sale or as held for distribution to owners, other than the disclosure requirements in paragraphs B10 – B16 of IFRS 12.
- IAS 28 Investments in Associates and Joint Ventures: The Amendments clarify that the election is available on an investment-by-investment basis, upon initial recognition of the asset in the scope of IAS 28.
After considering the feedback received in response to its consultation, EFRAG issued its Final Endorsement Advice in April 2017 reiterating its assessment that the Amendments meet all technical endorsement criteria of the IAS Regulation and is conducive to the European public good. EFRAG therefore recommended its endorsement.
06/04/2017 - EFRAG Endorsement Advice on Annual Improvements to IFRS Standards 2014-2016 Cycle
EFRAG has completed its due process regarding Annual Improvements to IFRS Standards 2014-2016 Cycle and has submitted its Endorsement Advice Letter to the European Commission.
03/03/2017 - REMINDER: EFRAG REQUESTS COMMENTS ON ITS DRAFT ENDORSEMENT ADVICE ON THE ANNUAL IMPROVEMENTS TO IFRS STANDARDS 2014-2016 CYCLE
EFRAG reminds constituents that it is currently consulting on both its assessment of the Amendments against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 17 March 2017.
03/03/2016 - EFRAG’s Final Comment letter to IASB ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle
EFRAG has submitted its final comment letter to the IASB on the IASB’s ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle
03/03/2016 - Feedback statement on ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle
EFRAG has published a feedback statement following the publication of its final comment letter on the IASB’s ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle
16/12/2015 - EFRAG's draft comment letter on the IASB's Exposure Draft ED/2015/10 Annual Improvements to IFRSs 2014-2016 Cycle
EFRAG has published its draft comment letter in response to the Exposure Draft Annual Improvements to IFRSs 2014-2016 Cycle and seeks constituents' views on the proposals. Comments on the draft comment letter are requested by 5 February 2016.