BC117 During redeliberations, the Board originally decided to require retrospective application of the application guidance in paragraphs AG38A-AG38F of IAS 32 for annual periods beginning on or after 1 January 2013. The Board did not expect significant changes in practice as a result of the clarifications made to the application guidance and hence aligned the effective date and transition of these amendments with that of Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7), issued in December 2011.

BC118 However, the Board received additional feedback from some preparers that the clarifications to the application guidance could change their practice. These preparers indicated that they needed more time to evaluate the effects of the amendments. They indicated that it would be difficult for them to make this assessment in time to allow application of the amendments to the application guidance for the first comparative reporting period.

BC119 Preparers therefore requested that the Board consider aligning the effective date of the amendments with the then revised effective date of IFRS 9 Financial Instruments (1 January 2015), [In the completed version of IFRS 9, issued in July 2014, the Board specified that entities must adopt the completed version of IFRS 9 for annual periods beginning on or after 1 January 2018.] with earlier application permitted. This would give them sufficient time to determine if there would be any changes to their financial statements.