Annual Improvements cycle 2012-2014
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.
Each year the IASB discusses and decides upon proposed improvements to IFRSs as they have arisen throughout the year. Issues dealt with in this process arise from matters raised by the IFRS Interpretations Committee and suggestions from staff or practitioners, and focus on areas of inconsistency in IFRSs or where clarification of wording is required. Annual Improvements follow the same due process as other amendments to IFRSs except that unrelated amendments can be exposed together, rather than separately. The exposure draft for Annual Improvements is normally published for comment for 90 days; this is shorter than the normal comment period for an exposure draft (120 days), reflecting the nature of Annual Improvements, i.e. they are clarifying or correcting in nature, and do not propose new principles or changes to existing ones.
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
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.
The issue included in this cycle is:
Due process steps
Issues considered but not included in the 2012-2014 cycle