On 12 December 2013, the International Accounting Standards Board issued Annual Improvements to IFRSs 2010–2012 Cycle. The amendments have an effective date of 1 July 2014, but earlier adoption is permitted.
About
The objective of the project was to clarify the International Accounting Standards Board's rationale for removing paragraph B5.4.12 of IFRS 9 Financial Instruments and paragraph AG79 of IAS 39 Financial Instruments: Recognition and Measurement as consequential amendments from IFRS 13 Fair Value Measurement. Those paragraphs in IFRS 9 and IAS 39 contained a guidance related to the measurement of short-term receivables and payables with no stated interest rate at invoice amounts.
The Board proposed to carry out this clarification through an amendment to the Basis for Conclusions of IFRS 13 via the Annual Improvements project.
