Assessment of proposed improvements for the 2009-2011 cycle against the new criteria for inclusion within Annual Improvements
The IASB decided that that the issues that they had approved for inclusion within Annual Improvements at earlier meetings met the new criteria approved by the trustees in February 2011. The proposed amendments relate to:
- IFRS 1: clarification of the borrowing costs exemption;
- IAS 1: clarification of requirements for comparative information;
- IAS 1: enhanced consistency with the Conceptual Framework published in September 2010;
- IAS 16: classification of servicing equipment;
- IAS 32: accounting for the income tax consequences of distributions; and
- IAS 34: reporting segment information for total assets in interim reports.
The Board tentatively agreed with a 90-day comment period for the exposure draft Improvements to IFRSs which should be published in June 2011.
The Board will consult with the Trustee Due Process Oversight Committee before finalising this comment period, because it is shorter than the standard 120 days.
Issues not recommended for inclusion within the Annual Improvements cycle for 2010-2012
Following the IFRS Interpretations Committee's recommendations, the Board agreed that the five issues listed below did not meet the criteria for inclusion in Annual Improvements:
- IFRS 3: hedging the foreign exchange risk in a business combination;
- IFRS 3: settlement of a pre-existing relationship between the acquirer and the acquiree;
- IAS 8: hierarchy of guidance to select an accounting policy;
- IAS 36: accounting for impairment testing of goodwill when non-controlling interests are recognised; and
- IAS 41: Illustrative Examples-presentation of revenue in the profit or loss account.