The International Accounting Standards Board (the Board) has today issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards.

The changes include:

  • annual improvements to IFRS Standards—these are minor amendments that clarify, correct or remove redundant wording in a Standard;
  • an IFRIC® Interpretation—this interprets a Standard and was developed by the IFRS Interpretations Committee and ratified by the Board; and
  • a narrow-scope amendment to an existing Standard—this clarifies particular aspects of the Standard.

The relevant documents can be accessed via the below links:

Annual Improvements to IFRS® Standards 2014–2016 Cycle has amendments to three Standards:


Amended Standard Effective date 
 IFRS 12 Disclosure of Interests in Other Entities 1 January 2017
 IFRS 1 First-time Adoption of International Financial Reporting Standards 1 January 2018
 IAS 28 Investments in Associates and Joint Ventures 1 January 2018


IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration addresses the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency. It is effective 1 January 2018.

The amendments to IAS 40 Investment Property clarify the requirements on transfers to, or from, investment property and are effective 1 January 2018.