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The International Accounting Standards Board (Board) has today 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.

Amendments made as part of this process either clarify the wording in an IFRS Standard or correct relatively minor oversights or conflicts between existing requirements of IFRS Standards.

The amendments made during the 2015–2017 cycle are:

Amended Standard The amendments clarify that:
IFRS 3 Business Combinations A company remeasures its previously held interest in a joint operation when it obtains control of the business.
IFRS 11 Joint Arrangements 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
 A company accounts for all income tax consequences of dividend payments in the same way.
IAS 23 Borrowing Costs
 A company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale.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.

Access the Annual Improvements to IFRS Standards 2015–2017 Cycle. An eIFRS Professional/Comprehensive subscription is required to view these amendments.