How do I prepare for IAS 2018
The IASB Annual Improvements Project (AIP) is a lean process for efficiently handling a number of small changes to IFRS. The core objective of the process is to improve the quality of standards by adapting existing IFRS Clarification of guidelines and wording changed or corrected for comparatively small, unintended consequences, conflicts or overlooked points. Changes are made through the process of annual improvement when the change is deemed not urgent but necessary.
On this page we summarize the developments of the 2018-2020 cycle. The issues addressed in this cycle were discussed between May 2016 and November 2017 by the IFRS Interpretations Committee and between April 2017 and December 2018 as individual projects and summarized in a draft of proposed changes in May 2019.
Current status of the project
This project is finished. The IASB has Annual improvements to IFRS 2018-2020 issued on May 14, 2020 and the following standards changed:
|default||Subject of change|
|IFRS 1First application of the International Financial Reporting Standards||Subsidiary as a first-time user. The amendment allows a subsidiary applying paragraph D16 (a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent based on the date of the parent's transition to IFRS.|
|IFRS 9Financial instruments||Fees in the ‘10% test ’in relation to the write-off of financial liabilities. The change clarifies what fees a company includes when applying the '10% 'test in paragraph B3.3.6 of IFRS 9 when assessing whether a financial liability should be derecognised. A company only considers fees paid or received between the company (the borrower) and the lender, including fees paid or received by either the company or the lender on behalf of the other.|
|IFRS 16Leases||Leasing incentives. With the amendment of Illustrative Example 13 to IFRS 16, the presentation of the reimbursement of leasehold improvements by the lessor is removed from the example in order to remove any potential confusion regarding the treatment of lease incentives that results from the presentation of lease incentives in this example could.|
|IAS 41Agriculture||Taxation on valuations at fair value. The amendment removes the requirement in paragraph 22 of IAS 41 that companies exclude tax cash flows when measuring the fair value of a biological asset using the present value method. The change ensures compliance with the requirements of IFRS 13.|
|May 2016 to November 2017||Issues discussed by the IFRS Interpretations Committee|
|April 2017 to December 2018||Issues discussed by the IASB|
|May 21, 2019||Draft ED / 2019/2 Annual improvements to IFRS 2018-2020 published||Comment deadline: August 20, 2019|
|May 14, 2020||Annual improvements to IFRS 2018-2020 published||All changes will come into effect on January 1, 2022|
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