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Friday 24 October 2014

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Annual Improvements

 Due process steps—Annual Improvements 2010-2012

StepRequired/OptionalActions
Publication:
The IASB posts all of the comment letters that are received in relation to the ED on the project pages.

Required if request issued

All comment letters that the IASB has received on the ED were posted on the project webpages.

IASB meetings are held in public, with papers being available for observers. All decisions are made in public sessions.

Required

The comment letter analyses prepared by the staff were discussed by the Interpretations Committee on the basis of publicly available Agenda Papers in the meetings of the Interpretations Committee in:

  • November 2012;
  • January 2013; and
  • March 2013.


In the meetings, the Interpretations Committee developed recommendations on how to proceed with the proposals for the IASB.

The comment letter analyses for the proposed amendments were discussed by the IASB on the basis of publicly available Agenda Papers and approved for finalisation as part of the 2010–2012 Cycle of the Annual Improvements Project in its meetings in:

  • February 2013;
  • March 2013;
  • April 2013; and
  • May 2013.

At its meeting in June 2013, the IASB discussed and agreed a sweep issue that had been raised during the drafting of the final amendment to IFRS 2 Share-based Payment.

The project webpage was updated by the staff after every Interpretations Committee meeting or IASB meeting in which the following were discussed:

  • issues included in the ED;
  • their comment letter analysis;
  • the recommendation of the Interpretations Committee on how to proceed with the issues; and
  • the approval by the IASB for finalisation

The results of the discussions of the Interpretations Committee and the IASB are also summarised in the IFRS IC Update and the IASB Update for each meeting.

Analysis of likely effects of the forthcoming Standard or major amendment, for example, costs or ongoing associated costs.

Required

Annual Improvements are, by definition, clarifying or correcting in nature, well-defined and sufficiently narrow in scope so that the consequences of the proposed changes have been considered.

The consequences of the proposed changes have been considered for each amendment as part of the IASB’s discussions, but because of the narrow scope and the expected limited consequences of the amendments, an Effect Analysis is not necessary.

Finalisation:
Due process steps are reviewed by the IASB.

Required

This step will be met by this staff paper.

Need for re-exposure of a Standard is considered.

Required

Analysis of the need to re-expose is included in the main body of this paper.

The IASB sets an effective date for the Standard, considering the need for effective implementation, generally providing at least a year.

Required

We expect to publish the final amendments in Q4 of 2013. Because Annual Improvements are, by definition, clarifying or correcting in nature, well-defined and sufficiently narrow in scope, we think that an effective date of 1 July 2014 gives:

  • jurisdictions sufficient time to incorporate the new requirements into their legal systems; and
  • preparers sufficient time to prepare for the new requirements (see paragraph 6.35 of the updated Due Process Handbook).

Drafting:
Drafting quality assurance steps are adequate.

Required

The Translations team will review the pre-ballot draft.

Drafting quality assurance steps are adequate.

Required

The XBRL team will review the pre-ballot draft.

Drafting quality assurance steps are adequate.

Optional

The Editorial team has reviewed the draft amendments in the staff papers on the issues that have been presented at Interpretations Committee meetings or IASB meetings.

The Editorial team will review the drafts during the ballot process.

We will perform an editorial review of the pre-ballot draft with external parties.

Publication:
Press release to announce final Standard.

Required

A press release will be published with the final amendments and made available to the DPOC together with a summary of the media coverage.

A Feedback Statement is provided, which provides high level executive summaries of the Standard and explains how the IASB has responded to the comments received.

Required

A Feedback Statement is not needed because Annual Improvements are, by definition, clarifying or correcting in nature, well-defined and sufficiently narrow in scope.

Standard is published.

Required

Final amendments will be made available on eIFRS on publication date. The DPOC will be informed of the official release.