Annual Improvements to IFRS Standards 2015-2017 Cycle

The International Accounting Standards Board (Board) has issued Annual Improvements to IFRS Standards 2015–2017 Cycle, which makes narrow-scope amendments to four IFRS Standards.

Annual improvements are part of the Board's process for maintaining IFRS Standards and contain Interpretations that are minor or narrow in scope.

The amendments made during the 2015–2017 cycle are:

• IFRS 3 Business combinations – the amendment clarifies that a company remeasures its previously held interest in a joint operation when it obtains control of the business
• IFRS 11 Joint Arrangements - the amendment clarifies that a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business.
• IAS 12 Income Taxes - the amendment clarifies that a company accounts for all income tax consequences of dividend payments in the same way.
• IAS 23 Borrowing Costs the amendment clarifies that a company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale.

The amendments are effective from 1 January 2019, with early application permitted.

Further information is available from the IASB’s web site here.