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Saturday 25 October 2014

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Standard-setting process

Criteria for annual improvements


 Proposed enhancements to the criteria for annual improvements


 

On 31 August 2010 the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), published for public comment proposed enhancements to the criteria for the IASB's annual improvements process. Comments were due on 30 November 2010.

Comment letter deadline

The annual improvements process document was open for comment until 30 November 2010.

Read the comment letters.

 

Due process documents
The annual improvement process: Proposals to amend the Due Process Handbook for the IASB [PDF 210, KB]

Recent developments

At the 6 January 2011 IFRS Interpretations Committee meeting, the staff presented the Committee with a summary of the comments received on the proposed amendments to the IASB Due Process Handbook, asking for its views, to help shape recommendations to the IFRS Foundation's Trustees. To access a summary of the comment letters received, click here.

The Committee suggested modifications to the following aspects of the proposed qualifying criteria for annual improvements:

  • to remove wording that states that a correcting amendment may create an exception from an existing principle;
  • to refine wording to emphasise that the scope of an amendment should be sufficiently narrow;
  • to remove the word "pressing" when considering the need to make an amendment sooner than an IASB project would.

The Committee also discussed other supplemental criteria that could be used to clarify the distinction between an annual improvement and an interpretation.

 

The Committee members' views were discussed with the Board at its 20 January 2011 meeting. The Board agreed with the Committee's suggested modifications. To access a summary of recommendations from the Committee members to the Board, click here.

 

At their 10-11 February 2011 meeting, following consideration of the comments received and the Interpretations Committee's and the Board's recommendations, the Trustees of the IFRS Foundation approved the establishment of enhanced criteria to assess whether a matter should be amended through the annual improvements process.  Click herefor more information.

 

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