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Annual Improvements to IFRSs 2014 - 2016 Cycle


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.

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