On 25 September 2014, the International Accounting Standards Board issued Annual Improvements to IFRSs 2012–2014 Cycle. The revised standard has an effective date of 1 January 2016, but earlier adoption is permitted.
It was felt that the definition of the term "interim financial report" in paragraph 4 of IAS 34 was not sufficiently clear with respect to whether the "interim financial report" covers only the information reported under IFRS (meaning the IFRS interim financial statements) or more generally also includes management reports or other elements.
These amendments clarify the meaning of disclosure of information "elsewhere in the interim financial report" in paragraph 16A of IAS 34, and require the inclusion of a cross-reference from the interim financial statements to the location of this information.
