IASB has published a new exposure draft; Annual Improvements to IFRSs 2011–2013 Cycle

This document sets out amendments to International Financial Reporting Standards (IFRSs) and the related bases for conclusions and guidance made during the International Accounting Standards Board’s Annual Improvements process.

The following table shows the topics addressed by these amendments.

IFRS Subject of amendment

IFRS 1 First-time Adoption of
International Financial Reporting

Meaning of effective IFRSs.
IFRS 3 Business Combinations Scope exceptions for joint ventures.
IFRS 13 Fair Value Measurement

Scope of paragraph 52 (portfolio

IAS 40 Investment Property

Clarifying the interrelationship of IFRS 3
Business Combinations and IAS 40 when
classifying property as investment property
or owner-occupied property.

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