(2)On 25 September 2014, the International Accounting Standards Board (IASB) published Annual Improvements to International Financial Reporting Standards 2012-2014 Cycle (‘the annual improvements’), in the framework of its regular improvement process which aims at streamlining and clarifying the standards. The objective of the annual improvements is to address non-urgent, but necessary, issues discussed by the IASB during the project cycle on areas of inconsistency in international financial reporting standards (IFRS) and international accounting standards (IAS) or where clarification of wording is required.