13. December 2017

IASB publishes Annual Improvements to IFRSs (2015-2017 Cycle)

The IASB published collective amendments as Annual Improvements to IFRSs (2015-2017 Cycle). This document comprises the following amendments:

  • IFRS 3/11 – Clarification of how to accounting for interests in a joint operation, when obtaining joint control after having previously held interests;
  • IAS 12 – Clarification of the Accounting for income tax consequences of payments on financial instruments that are classified as equity;
  • IAS 23 – Clarification related to the determination of borrowing costs, when the construction of a qualifying asset has been completed.

Please note, that the proposal for these annual improvements (ED/2017/1) also comprised an amendment to IAS 28; that proposed amendment has been finalised and published as a separate amendment by the IASB on 12 October 2017. Apart from that, the amendment to IFRS 3 was not part of the proposal for these annual improvements, but has been proposed separately – and earlier than ED/2017/1 – on 28 June 2016 as ED/2016/1.

All amendments shall be applied from 1 January 2019. Earlier application is permitted. The document is subject to a charge and available from the IASB only (www.ifrs.org). (For the IASB press release and further background information please follow this link)