Annual Improvements to IFRSs 2012-2014 Cycle

The IASB has published an Exposure Draft ‘Annual Improvements to IFRSs 2012 - 2014 Cycle’ which proposes minor amendments to four Standards. The proposals are the latest under the IASB’s annual improvements project, a process for making non-urgent, but necessary, minor amendments to IFRSs.

The issues addressed by the proposals, which reflect issues discussed by the IASB in a project cycle that began in 2012, are as follows:

• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations  - Changes in methods of disposal
• IFRS 7 Financial Instruments: Disclosure - Servicing contracts
• IFRS 7 Financial Instruments: Disclosure - Applicability of the amendments to IFRS 7 to condensed interim financial statements
• IAS 19 Employee Benefits -  Discount rate: regional market issue
• IAS 34 Interim Financial Reporting - Disclosure of information ‘elsewhere in the interim financial report’

Our letter overall supports the proposals, however adds a few suggestions for consideration in respect of the changes proposed.