Comment letter analysis
The IASB discussed the proposed amendments included in the Exposure Draft Annual Improvements to IFRSs 2011-2013 Cycle published in November 2012. On the basis of the comments that the IASB received from respondents and the recommendations of the IFRS Interpretations Committee, the IASB tentatively decided to finalise all the four proposed improvements. The four amendments that the IASB tentatively decided to finalise are:
a. IFRS 1 First-time Adoption of International Financial Reporting Standards—Meaning of effective IFRSs;
b. IFRS 3 Business Combinations—Scope exception for joint ventures;
c. IFRS 13 Fair Value Measurement—Scope of paragraph 52 (portfolio exception); and
d. IAS 40 Investment Property—clarifying the interrelationship of IFRS 3 with IAS 40 when classifying property as investment property or owner-occupied property.
The IASB also tentatively decided that the effective date of the amendments should be 1 July 2014.
All IASB members agreed with the above decisions.
Due process steps
The IASB staff explained the due process steps the IASB has taken since the publication of the Exposure Draft and noted that the applicable due process steps have been completed.
All IASB members agreed that the IASB has complied with the due process requirements to date.
The IASB staff will start drafting the ballot of the final amendments.