IASB proposes narrow-scope annual improvements

Five proposed narrow-scope amendments to four standards were exposed for public comment Wednesday by the International Accounting Standards Board (IASB) as part of its annual improvement process.

Two changes are proposed to IFRS 7, Financial Instruments: Disclosures. One proposal is related to servicing contracts, and the other is related to condensed interim financial statements.

Changes also are proposed to:

  • IFRS 5, Non-current Assets Held for Sale and Discontinued Operations.
  • IAS 19, Employee Benefits.
  • IAS 34, Interim Financial Reporting.

Comments are sought by March 13th and can be submitted at the IFRS website. The effective date for the proposed amendments would be annual periods beginning on or after January 1st 2016, although the IASB proposes allowing entities to apply them earlier.

Ken Tysiac ( is a CGMA Magazine senior editor.