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Thursday 28 May 2015

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The IASB tentatively decided to include the amendment within the Exposure Draft Annual Improvements 2013-2015 Cycle

 18 December 2013


The IASB discussed whether some of the short-term exemptions in Appendix E of IFRS 1 First-time Adoption of International Financial Reporting Standards should be deleted, after those short-term exemptions have served their intended purpose.

The IASB tentatively decided to propose the deletion of the short-term exemptions in paragraphs E3-E7 of IFRS 1 with an effective date of annual periods beginning on or after 1 July 2016. It also tentatively decided to propose the deletion of the short-term exemption relating to the amendment to IFRS 7 Financial Instruments: Disclosures that was proposed in the Exposure Draft Annual Improvements 2012-2014 Cycle published in December 2013, but with an effective date of annual periods beginning on or after 1 January 2018. The IASB decided to include these proposed amendments in the Exposure Draft Annual Improvements 2013-2015 Cycle.

All IASB members agreed with these decisions.

Next steps

The IASB plans to publish the Exposure Draft Annual Improvements 2013–2015 Cycle for comment in the third quarter of 2014.

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