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Saturday 22 November 2014

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 Annual Improvements

Project objective

 

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 efficiently with a collection of narrow scope amendments to IFRSs even though the amendments are unrelated. The IFRS Interpretations Committee reviews the proposed amendments within the annual improvements process and makes recommendations to the IASB before they are issued.

 

Rather than separately publishing 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.

 

Rather than separately publishing 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.

 

Read more about Annual Improvements.


Annual improvements Status
Cycle 2013-2015

The deliberation of the issues included/that will be included as part of this cycle is still on-going.  The IASB plans to issue an Exposure Draft for the “2013-2015 Annual Improvements Cycle” in Q3 2014”.

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Cycle 2012-2014

On 11 December 2013 the IASB published an Exposure Draft for the 2012-2014 Annual Improvements cycle. The Exposure Draft is open for comment until 13 March 2014. Redeliberations on the proposed amendments to IFRSs from this cycle are expected to start in Q2 2014.

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Cycle 2011-2013

In December 2013, the IASB issued Annual Improvements to IFRSs 2011-2013 Cycle, a collection of amendments to IFRSs, in response to four issues addressed during the 2011-2013 cycle.  The amendments reflect issues discussed by the IASB during the project cycle that began in 2011, and that were subsequently included in the Exposure Draft of proposed amendments to IFRSs, Annual Improvements to IFRSs 2011-2013 Cycle (published in November 2012). The amendments are effective for annual periods beginning on or after 1 July 2014, although entities are permitted to apply them earlier

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Cycle 2010-2012

In December 2013, the IASB issued Annual Improvements to IFRSs 2010-2012 Cycle, a collection of amendments to IFRSs, in response to eight issues addressed during the 2010-2012 cycle.  The amendments reflect issues discussed by the IASB during the project cycle that began in 2010, and that were subsequently included in the exposure draft of proposed amendments to IFRSs, Annual Improvements to IFRSs 2010-2012 Cycle (published in May 2012). The amendments are effective for annual periods beginning on or after 1 July 2014, although entities are permitted to apply them earlier

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Cycle 2009-2011

In May 2012, the IASB issued Annual Improvements 2009–2011 Cycle, a collection of amendments to IFRSs, in response to six issues addressed during the 2009–2011 cycle, as its latest set of annual improvements.

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