The September 2014, Issue 7 of KPMG ISG’s IFRS Newsletter: The Balancing Items summarizes the amendments to IFRS that are part of the IASB’s annual improvements process to make non-urgent but necessary amendments to IFRS. The IASB amended IFRS 5, Non-current Assets Held for Sale and Discontinued Operations; IFRS 7, Financial Instruments: Disclosures; IAS 19, Employee Benefits; and IAS 34, Interim Financial Reporting.
The amendments are effective for an entity that applies IFRS for annual periods beginning on or after January 1, 2016. Early application is permitted.
The IASB decided not to proceed with the Annual Improvements to IFRSs 2013–2015 Cycle due to a lack of proposed amendments. The IASB initiated a new cycle for 2014–2016, and expects to issue an Exposure Draft in Q2 2015.