The amendments are according to the commission regulation (EU) no. 301/2013 of 27. March 2013 and have been incorporated in the affected standards.
The European Commission endorsed the Annual Improvements to IFRSs, 2009-2011 Cycle. The objective of the improvements is to address non-urgent, but necessary issues discussed by the IASB during the project cycle that began in 2009 on areas of inconsistency in IFRSs or where clarification of wording is required. Three of the improvements, namely the amendments to Appendix D of IFRS 1, IAS 16, and IAS 34, are clarifications or corrections of the respective standards. The other three improvements, namely the amendments to IFRS 1, IAS 1, and IAS 32 (including consequential amendments to IFRIC 2), involve changes to the existing requirements or additional guidance on the implementation of those requirements.
Each company shall apply the amendments at the latest, as from the commencement date of its first financial year starting on or after 1 January 2013.
The affected paragraphs are: