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Thursday 26 November 2015

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Annual Improvements


 More about the Annual Improvements project

Why are we doing the project?

The Annual Improvements project contains amendments to IFRSs or Interpretations that are minor or narrow in scope that are packaged together and exposed in one document even though the amendments are unrelated. These amendments are limited to changes that either clarify the wording in an IFRS or correct relatively minor unintended consequences, oversights or conflicts between existing requirements of IFRSs. Because of their nature, it is not necessary to undertake consultation or outreach for annual improvements beyond the comment letter process.

What are the types of amendments made through the annual improvements process?

Amendments made within the annual improvements process typically respond to two needs:

  • a need to clarify IFRSs; or 
  • a need to resolve a conflict between existing requirements of IFRSs.

Some amendments will meet both needs.

Why are we doing the project?

Clarifying an IFRS involves either replacing unclear wording in existing IFRSs or providing guidance where an absence of guidance is causing concern. A clarifying amendment maintains consistency with the existing principles within applicable IFRSs and does not propose new principles or make changes to existing ones.

Resolving a conflict between existing requirements of IFRSs includes addressing oversights or relatively minor unintended consequences that have arisen as a result of the existing requirements of IFRSs. For example, an amendment might address an omitted consequential amendment from a recent change to IFRSs. Such amendments do not propose a new principle or change an existing principle.

How are we doing it?

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.


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