Annual Improvements cycle 2014-2016 published

On 8 December 2016, the IASB published the Annual Improvements to IFRS Standards 2014-2016 Cycle. This makes minor changes to the following standards:

Keywords: Mazars, Thailand, IFRS, IAS, Annual Improvements

09 February 2017

  • IFRS 1 – First-time Adoption of International Financial Reporting Standards: deletion of short-term exemptions that have lapsed.
  • IFRS 12 – Disclosure of Interests in Other Entities: the disclosure requirements set out in IFRS 12 apply to interests in entities classified as held for sale under IFRS 5, with the exception of paragraphs B10 to B16.
  • IAS 28 – Investments in Associates and Joint Ventures: the amendment clarifies that a venture capital entity may elect to measure investments in associates or joint ventures at fair value through profit or loss on an investment-by-investment basis, upon initial recognition of the investment.

The amendments to IFRS 1 and IAS 28 become effective for financial periods commencing on or after 1 January 2018 – retrospectively in the case of the amendment to IAS 28. The amendments to IFRS 12 shall be applied retrospectively for financial periods commencing on or after 1 January 2017.