Annual Improvements
Project milestones
About the project
Changes to standards, however small, are time-consuming for the Board and burdensome for others. The IASB has adopted the annual improvements process to deal with non-urgent but necessary amendments to IFRSs.
Rather than involving a series of piecemeal changes, the publication of the proposals in a single exposure draft is intended to streamline the standard-setting process, with benefits both for interested parties and for the IASB.
This is not a joint project.
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Last meeting update
21 July 2010
IASB meeting:
The IASB discussed proposals to include issues in the Annual Improvements project. These issues relate to IFRS 1 First-time Adoption of International Financial Reporting Standards - Clarification of borrowing costs exemption, IAS 1 Presentation of Financial Statements - Comparative Information, IAS 16 Property, Plant and Equipment - Clarification of accounting for servicing equipment and IAS 32 Financial instruments: Presentation - Tax effect of distributions to holders of equity instruments.
Read the full meeting update and all previous updates and observer notes.
Click here to listen to the IASB meeting audio playback.
8 & 9 July 2010
IFRS Interpretations Committee meeting:
The IFRS Interpretations Committee recommended the Board include two issues in the Annual Improvements cycle for 2009-2011. These issues relate to IFRS 1 First-time Adoption of International Financial Reporting Standards - Repeat application of IFRS 1 and IFRS 3 Business Combinations - Regrouping and consistency of contingent consideration guidance.
Read the full meeting update for this project. |
Next discussion by the IASB
The Interpretations Committee’s recommendations from the July 2010 Interpretations Committee meeting will be discussed at a future IASB meeting. |
Page last updated: 19 August 2010