The IASB discussed whether some of the short-term exemptions in Appendix E of IFRS 1 First-time Adoption of International Financial Reporting Standards should be deleted, after those short-term exemptions have served their intended purpose.
The IASB tentatively decided to propose the deletion of the short-term exemptions in paragraphs E3-E7 of IFRS 1.
At its meeting on April 2015, the IASB confirmed that this proposed amendment would be included in an Exposure Draft arising from the Annual Improvements to IFRSs 2014–2016 Cycle.
At its meeting on May 2015 the IASB confirmed that the due process steps on the project (to date) have been completed.
The IASB included this proposed amendment to IFRS 1 in the Exposure Draft on Annual Improvements to IFRSs 2014–2016 Cycle. This amendment was issued on 19 November 2015.
In July 2016, the Board decided to finalise the amendments to IAS 40 and confirmed that the due process steps on the project (to date) have been completed.
The Board published the final amendments in December 2016.