Exposure Draft ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle

The Annual Improvements project provides a streamlined process for dealing efficiently with a collection of non-urgent amendments to IFRS. These amendments meet the criteria for the IASB’s Annual Improvements process.

The Exposure Draft proposes the following amendments:

(a) to delete the short-term exemptions in paragraphs E3–E7 of IFRS 1 First-time Adoption of International Financial Reporting Standards because they have now served their intended purpose.

(b) to clarify that the requirements of IFRS 12 Disclosure of Interests in Other Entities, except for those in paragraphs B10–B16, also apply to an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities that are classified as held for sale, as held for distribution to owners in their capacity as owners (held for distribution to owners) or as discontinued operations.

(c) to amend IAS 28 Investments in Associates and Joint Ventures to clarify that a venture capital organisation (or other qualifying entity) may elect to measure each investment in an associate or joint venture at fair value through profit or loss on an investment-by-investment basis, upon initial recognition.

To download the Exposure Draft, click here.

Invitation to comment

The Exposure Draft is open for comment until 15 January 2016.

You may provide your comments online or email us at technical@masb.org.my