List of improvements to the IFRS Cycles, issue and effective dates and new IFRIC

Improvements	Issue Date	Effective date	Amendments
2011–2013 Cycle	12 December 2013	Effective for annual periods beginning on or after 1 July 2014.	IFRS 1 First-time Adoption of International Financial Reporting Standards(changes to the Basis for Conclusions only) Meaning of effective IFRSs IFRS 3 Business Combinations Scope of exception for joint ventures IFRS 13 Fair Value Measurement Scope of of paragraph 52 (portfolio exception) IAS 40 Investment Property Clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property
2010–2012 Cycle	12 December 2013	Effective for annual periods beginning on or after 1 July 2014.	IFRS 2 Share-based Payment Definition of 'vesting condition' IFRS 3 Business Combinations (with consequential amendments to other standards) Accounting for contingent consideration in a business combination IFRS 8 Operating Segments 1.Aggregation of operating segments 2.Reconciliation of the total of the reportable segments' assets to the entity's assets IFRS 13 Fair Value Measurement (amendments to the basis of conclusions only, with consequential amendments to the bases of conclusions of other standards) Short-term receivables and payables IAS 16 Property, Plant and Equipment Revaluation method - proportionate restatement of accumulated depreciation IAS 24 Related Party Disclosures Key management personnel IAS 38 Intangible Assets Revaluation method - proportionate restatement of accumulated amortisation
2009–2011 Cycle	17 May 2012	Effective for annual periods beginning on or after 1 January 2013	IFRS 1 First-time Adoption of International Financial Reporting Standards 1.Permit the repeated application of IFRS 1 2.Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs IAS 1 Presentation of Financial Statements Clarification of the requirements for comparative information IAS 16 Property, Plant and Equipment Classification of servicing equipment IAS 32 Financial Instruments: Presentation Tax effect of a distribution to holders of equity instruments IAS 34 Interim Financial Reporting Clarify interim reporting of segment information for total assets in order to enhance consistency with IFRS 8
2008-2010 cycle	6 May 2010	Most of the amendments are effective for annual periods beginning on or after 1 January 2011	IFRS 1 First-time Adoption of International Financial Reporting Standards 1.Accounting policy changes in the year of adoption 2.Revaluation basis as deemed cost 3.Use of deemed cost for operations subject to rate regulation IFRS 3 Business Combinations 1.Measurement of non-controlling interests (NCI) 2.Unreplaced and voluntarily replaced share-based payment awards 3.Transitional requirements for contingent consideration from a business combination that occurred before the effective date of IFRS 3 (2008) IFRS 7 Financial Instruments: Disclosures   Clarification of disclosures IAS 1 Presentation of Financial Statements Clarification of statement of changes in equity IAS 27 Consolidated and Separate Financial Statements Transitional requirements for consequential amendments as a result of IAS 27 (2008) IAS 34 Interim Financial Reporting Significant events and transactions IFRIC 13 Customer Loyalty Programmes Fair value of award credits
2007-2009 cycle	16 April 2009	Effective for annual periods beginning on or after either 1 July 2009 or 1 January 2010	IFRS 2 Share-based Payment Scope of IFRS 2 and revised IFRS 3 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Disclosures of non-current assets (or disposal groups) classified as held for sale or discontinued operations IFRS 8 Operating Segments Disclosure of information about segment assets IAS 1 Presentation of Financial Statements Current/non-current classification of convertible instruments IAS 7 Statement of Cash Flows Classification of expenditures on unrecognised assets IAS 17 Leases Classification of leases of land and buildings IAS 18 Revenue Determining whether an entity is acting as a principal or as an agent IAS 36 Impairment of Assets Unit of accounting for goodwill impairment test IAS 38 Intangible Assets Additional consequential amendments arising from revised IFRS 3  Measuring the fair value of an intangible asset acquired in a business combination IAS 39 Financial Instruments: Recognition and Measurement 1.Treating loan prepayment penalties as closely related embedded derivatives 2.Scope exemption for business combination contracts 3.Cash flow hedge accounting IFRIC 9 Reassessment of Embedded Derivatives Scope of IFRIC 9 and revised IFRS 3 IFRIC 16 Hedges of a Net Investment in a Foreign Operation Amendment to the restriction on the entity the entity that can hold hedging instruments
2006-2008 cycle	22 May 2008	Effective for annual periods beginning on or after either 1 January 2009 or 1 July 2009	IAS 1 — Presentation of Financial Statements IAS 10 — Events After the Reporting Period IAS 16 — Property, Plant and Equipment IAS 18 — Revenue IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance IAS 23 — Borrowing Costs IAS 27 — Consolidated and Separate Financial Statements (2008) IAS 28 — Investments in Associates (2003) IAS 29 — Financial Reporting in Hyperinflationary Economies IAS 31 — Interests In Joint Ventures IAS 32 — Financial Instruments: Presentation IAS 34 — Interim Financial Reporting IAS 36 — Impairment of Assets IAS 38 — Intangible Assets IAS 39 — Financial Instruments: Recognition and Measurement IAS 40 — Investment Property IAS 41 — Agriculture IAS 7 — Statement of Cash Flows IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors IFRS 5 — Non-current Assets Held for Sale and Discontinued Operations IFRS 7 — Financial Instruments: Disclosures IAS 19 — Employee Benefits (1998) (superseded)
IFRIC
IFRIC 21 — Levies	20 May 2013	Effective for annual periods beginning on or after 1 January 2014	IFRIC 21 provides guidance on when to recognise a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and those where the timing and amount of the levy is certain.
IFRIC 20 — Stripping Costs in the Production Phase of a Surface Mine		Effective date: annual periods beginning on or after 1 January 2013 (earlier application permitted)	In surface mining operations, entities may find it necessary to remove mine waste materials ('overburden') to gain access to mineral ore deposits. This waste removal activity is known as 'stripping'.