Annual Improvements to IFRS

Annual improvements to IFRS

Amendments proposed to IFRS 12, IAS 28 and IFRS 1

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As part of its process to make non-urgent but necessary amendments to IFRS, the IASB has issued an exposure draft – Annual Improvements to IFRSs 2014–2016 Cycle. The proposals clarify that:

  • the disclosure requirements for interests in other entities also apply to interests that are classified as held for sale or distribution; and
  • a venture capital organisation, or other qualifying entity, may elect to measure its investments in an associate or joint venture at fair value through profit or loss. This election can be made on an investment-by-investment basis.

The ED also includes an amendment to remove outdated exemptions for first-time adopters of IFRS.

Comments are due to the IASB by 17 February 2016.

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