Effective Date of Amendments to IFRS 10 and IAS 28

December 2015 International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28

Effective Date of Amendments to IFRS 10 and IAS 28

Effective Date of Amendments to IFRS 10 and IAS 28 is issued by the International Accounting Standards Board (IASB). Disclaimer: the IASB, the IFRS Foundation, the authors and the publishers do not accept responsibility for any loss caused by acting or refraining from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise. International Financial Reporting Standards (including International Accounting Standards and SIC and IFRIC Interpretations), Exposure Drafts and other IASB and/or IFRS Foundation publications are copyright of the IFRS Foundation. Copyright 2015 IFRS Foundation ISBN: 978-1-911040-13-2 All rights reserved. No part of this publication may be translated, reprinted, reproduced or used in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the IFRS Foundation. The approved text of International Financial Reporting Standards and other IASB publications is that published by the IASB in the English language. Copies may be obtained from the IFRS Foundation. Please address publications and copyright matters to: IFRS Foundation Publications Department 30 Cannon Street, London EC4M 6XH, United Kingdom Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749 Email: publications@ifrs.org Web: www.ifrs.org The IFRS Foundation logo/the IASB logo/the IFRS for SMEs logo/ Hexagon Device, IFRS Foundation, IFRS Taxonomy, eifrs, IASB, IFRS for SMEs, IAS, IASs, IFRIC, IFRS, IFRSs, SIC, International Accounting Standards and International Financial Reporting Standards are Trade Marks of the IFRS Foundation. Further details of the Trade Marks, including details of countries where the Trade Marks are registered or applied for, are available from the IFRS Foundation on request. The IFRS Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, USA and operates in England and Wales as an overseas company (Company number: FC023235) with its principal office as above.

EFFECTIVE DATE OF AMENDMENTS TO IFRS 10 AND IAS 28 CONTENTS from page AMENDMENTS TO IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS 4 AMENDMENTS TO IAS 28 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 5 APPROVAL BY THE BOARD OF EFFECTIVE DATE OF AMENDMENTS TO IFRS 10 AND IAS 28 ISSUED IN DECEMBER 2015 6 AMENDMENTS TO THE BASIS FOR CONCLUSIONS ON IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS 7 AMENDMENTS TO THE BASIS FOR CONCLUSIONS ON IAS 28 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 8 3 IFRS Foundation

AMENDMENTS TO IFRS 10 AND IAS 28 DECEMBER 2015 Amendments to IFRS 10 Consolidated Financial Statements In Appendix C, paragraph C1C is amended. Deleted text is struck through and new text is underlined. Effective date... C1C Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28), issued in September 2014, amended paragraphs 25 26 and added paragraph B99A. An entity shall apply those amendments prospectively to transactions occurring in annual periods beginning on or after 1 January 2016 a date to be determined by the IASB. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact. IFRS Foundation 4

EFFECTIVE DATE OF AMENDMENTS TO IFRS 10 AND IAS 28 Amendments to IAS 28 Investments in Associates and Joint Ventures Paragraph 45C is amended. Deleted text is struck through and new text is underlined. Effective date and transition... 45C Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28), issued in September 2014, amended paragraphs 28 and 30 and added paragraphs 31A 31B. An entity shall apply those amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after 1 January 2016 a date to be determined by the IASB. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact. 5 IFRS Foundation

AMENDMENTS TO IFRS 10 AND IAS 28 DECEMBER 2015 Approval by the Board of Effective Date of Amendments to IFRS 10 and IAS 28 issued in December 2015 Effective Date of Amendments to IFRS 10 and IAS 28 was approved for publication by the fourteen members of the International Accounting Standards Board. Hans Hoogervorst Ian Mackintosh Chairman Vice-Chairman Stephen Cooper Philippe Danjou Martin Edelmann Patrick Finnegan Amaro Gomes Gary Kabureck Suzanne Lloyd Takatsugu Ochi Darrel Scott Chungwoo Suh Mary Tokar Wei-Guo Zhang IFRS Foundation 6

EFFECTIVE DATE OF AMENDMENTS TO IFRS 10 AND IAS 28 Amendments to the Basis for Conclusions on IFRS 10 Consolidated Financial Statements The heading above paragraph BC190A is amended. New text is underlined. Sale or contribution of assets between an investor and its associate or joint venture amendments to IFRS 10 and IAS 28 (issued in September 2014) BC190A... Paragraphs BC190L BC190O and their related heading are added. New text is underlined. BC190L BC190M Deferral of the Effective Date of Amendments to IFRS 10 and IAS 28 (issued in September 2014) In September 2014, the Board amended IFRS 10 and IAS 28, for reasons described in paragraphs BC190A BC190K ( the September 2014 Amendment ). Subsequently, the IFRS Interpretations Committee and the Board considered a number of other issues with respect to the sale or contribution of assets between an investor and its associate. In June 2015, the Board decided: (a) (b) that these further issues should be addressed as part of its research project on equity accounting; and to defer the effective date of the September 2014 Amendment so that entities need not change how they apply IAS 28 twice in a short period. The Board published for public comment a proposal for that deferral in August 2015 in an Exposure Draft Effective Date of Amendments to IFRS 10 and IAS 28. The majority of respondents agreed with that proposal and with the rationale provided by the Board. In the light of that feedback, the Board finalised the deferral of the September 2014 Amendment in December 2015. BC190N BC190O In the December 2015 amendment, the Board deferred the effective date of the September 2014 Amendment. This was done by removing the original effective date of 1 January 2016 and indicating that a new effective date will be determined at a future date when the Board finalises the revisions, if any, that result from the research project. Any future proposal to insert an effective date will be exposed for public comment. In deferring the effective date of the September 2014 Amendment, the Board continued to allow early application of that amendment. The Board did not wish to prohibit the application of better financial reporting. 7 IFRS Foundation

AMENDMENTS TO IFRS 10 AND IAS 28 DECEMBER 2015 Amendments to the Basis for Conclusions on IAS 28 Investments in Associates and Joint Ventures The heading above paragraph BC37A is amended. New text is underlined. Sale or contribution of assets between an investor and its associate or joint venture amendments to IFRS 10 and IAS 28 (issued in September 2014) BC37A... Paragraph BC37J and its related heading are added. New text is underlined. BC37J Deferral of the Effective Date of Amendments to IFRS 10 and IAS 28 (issued in September 2014) In December 2015, the Board decided to defer indefinitely the effective date of the amendments made to IFRS 10 and IAS 28 in September 2014. See paragraphs BC190L BC190O of the Basis for Conclusions on IFRS 10 Consolidated Financial Statements. IFRS Foundation 8

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